JAMB Accounting Past Questions & Answers - Page 216

Cost classification in relation to charges is determined by the level of?

What is the figure for purchases?

Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?