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In a period of inflation, which of the following method normally gives a closing closing stock?
AFIFO
BLIFO
CSinple average
Dperiodic simple average
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Question 482
jamb2008
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the FIFO method, what is the value of the closing stock?
AN1280
BN1184
CN1024
DN960
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Question 483
jamb2008
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?
AN80
BN74
CN64
DN60
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Question 484
jamb2008
The factor that determine the periodic depreciation charge are?
One basic assumption of the double entry theory is that it allows?
Atwo credit entries at the same time
Btwo debit entries at the same time
Cdebit and credit two credit entries at the same time
Ddebit and credit two credit entries in corresponding account
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Question 497
jamb2008
A financial analyst needs accounting information to?
Amaintain the production section of the business
Bknow why transactions cause increase and decreases in assets
Cadvise on how to manage the business
Dknow how to record transaction in T account
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Question 498
jamb2008
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
AConservatism
BHistorical
CMonetary
DCost
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Question 499
jamb2008
One of the major features of bookkeeping is that it?
Aprovides permanent records for all financial transactions
Bis futuristic in nature
Caccpets responsibility for all wrong postings
Ddoes not give room for double entry procedures
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Question 500
jamb2007
Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
