JAMB Accounts - Principles of Accounts 1994 Past Questions

The term "accounting period" is used to refer to the

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed

Accounting information is used by investors and creditors of a company to predict

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

When a business incurs labour cost in installing a fixed asset, the cost is treated as

What is the cardinal rule of the double entry system?

Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

The use of the folio in the ledger is for

The suspense account is used to correct book-keeping error where the

The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

When is a petty cash account debited?

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

The financial position of an organization at a particular time can be ascertained from the

Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000

What is the cost of goods sold?

The net profit or loss for the year is determined in profit and loss account after

If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an

Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be

From which of the following sources are creditors control account most likely to be posted?

Which of the following categories of labour cost will be classified as direct?

The major difference between the receipt and payment account and the income and expenditure account is that while the former

The net profit from a trading account of a non-profit making organization would be treated as income in the

The major distinguishing element between the final accounts of a partnership and a sole trader is the

Goodwill appears in the books of a business only if it has been

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

Under which of the following conditions is a partnership dissolved?

when shares issued are paid for, accounting entry required is

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the nominal value of each share?

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the issued capital

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

An advantage of using accounting ratios is that they

The expenditure on a good or services which is consumed either immediately or within a current accounting period is called

The receipt from a special tax levy to pay maturing interest obligation are recorded in

The cash bass of accounting requires the recognition of revenue only when they are

The amount of individual items on a government budget is called