JAMB Accounting Past Questions & Answers - Page 230

1,146.

Given:
Capital at start.......................N3250
Capital at close .....................N6250
Additional capital during the period...N1000

Calculate the profit or loss?

A.

N8500 profit

B.

N2000 loss

C.

N2000 profit

D.

N8500 loss

Correct answer is C

No explanation has been provided for this answer.

1,147.

Which method of pricing can be used satisfactorily in either a rising or falling price situation?

A.

Standard price

B.

Marketing price

C.

FIFO

D.

Average method

Correct answer is D

No explanation has been provided for this answer.

1,150.

Costs that vary in proportion to the level of production in a manufacturing environment are known as?

A.

Control costs

B.

Overheads

C.

Direct costs

D.

Indirect costs

Correct answer is C

No explanation has been provided for this answer.