JAMB Accounts - Principles of Accounts 1999 Past Questions

Accrual concept stipulates that?

The basic role of accounting is to?

The need for changes in accounting theory in Nigeria was influenced by the?

A bookkeeping error occurs when there is?

When a proprietor withdraws cash from the business for private use, he?

A basic unifying concept in accounting implies that?

A source document for the sales day book is?

In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?

Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?

The main features of the single system are that?

The principal function of a sales ledger control account is to?

In dealing with incomplete records, fixed assets are posted to?

When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?

Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?

Manufacturing costs can be classified based on?

The difference between the factory cost of production and the prime cost of production is?

Receipt and payments account of a non-profit making organization is principally a summary of the?

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550

What is the amount of club sales?

A credit balance on a receipt and payments account indicates that the non-profit making organization?

Goodwill can be valued in partnership when?

As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment account?

When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?

Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?

If a sole proprietorship is purchased for cash, then?

The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?

Which of the following events increases a corporation's shareholders equity?

If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?

Calls in advance are treated in the balance sheet as?

Shares issued to a vendor in payment of business purchased would require a debit to?

The best method of allocating expenses among departments is to?

To record the transfer of stock from one department to another, the correct entry would be to debit?

Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?

What is the correct entry in the head office books at the point of initial transfer of the goods?

Capital and revenue expenditures of government are usually accounted for under funds which include?

Which of the following account is kept by local governments in Nigeria?

The conventional sources of public revenue includes?

Appropriation Account

Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.

Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

The Total for the purchases ledger control account is

Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

What is the balance c/d in the purchases ledger control account?

Given:

Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

Use information below to answer this question.

Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

What is the closing stock for the period?

Use information below to answer this question.

Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

Calculate the gross profit for the period?

Use the information below to answer the question

The quick ratio is

Determine the owners equity