JAMB Accounts - Principles of Accounts 2011 Past Questions

The historical development of accounting reveals that it?

In a trial balance, income and liabilities are?

The principle of double entry system ensures?

i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure

The correct procedure for balancing account is?

Given:

Light expenses...................N400
Purchases........................N3,000
Sales............................N1,200
Creditors........................N2,250
Debtors..........................N50

Calculate the total of the trial balance?

The major feature of a journal is that it has?

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Find the total amount paid?

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Calculate the cash discount?

In bank reconciliation process, discrepancies cause by timing arises as a result of?

The process of reconciling cheques between banks is termed cheque?

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

Use the information below to answer question

i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank

Determine the current liabilities?

Use the information below to answer question

i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank

Find the current assets?

The type of expense charged against administration of a firm is the?

In a period of declining price, which of the following methods would result in higher profit?

The item on the credit side of the trading account is the?

Use the information above to answer questions 19 and 20.

July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units

How many units were at hand as at July 30?

What is the value of stock as at the end of July 10 using FIFO?

A typical example of a real account is?

The control accounting can be used in?

Use the information below to answer questions 23 and 24.

Incomplete Record (Extract)

Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

What is the cost of goods sold?

Calculate the net profit?

The cost that are directly traceable to the the goods being produced is?

The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

Work-in-progress is the?

The major festure of not-for-profit-making-organization is that they are formed?

The subscription paid in advance is treated in the balance sheet of a club as?

The capital of not-for-profit-making organization is referred to as?

The major objective of departmental accounts is to ascertain the?

The transactions relating to liquidation in partnership account is drawn by using?

The cost method of charging goods to branch is used where?

The correct entries to record goods transferred to branch from head office is to debit?

The two accounts that are normally opened in the head office when goods are transferred to a branch are?

Goods invoiced to a branch can be sent using?

The major point of agreement carried by the partnership deed is?

Use the information below to answer questions 40 and 41.

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%

The interest on Kemi's capital is?

The interest on Keme's drawings is calculated as?

Which of the following can be used on admission of a new partnership?

Goodwill is determined using?

The founders of a company are?

The fund in which all government receipt are paid is?

Which of the following accounts for the highest revenue to Nigeria?

If Aboki Holdings Limited issued 120, 000 ordinary share of N2.00 each at market value of 5.50k each, the share premium would?

Which of the following is a signatory to federal government account?

The chief accounting officer of a local government is the?

Which of the following signs general warrant for the release of money from the consolidated revenue fund?

Find the average stock for the period

Calculate the cost of goods sold.