JAMB Accounts - Principles of Accounts 2014 Past Questions

One of the the differences between bookkeeping and accounting is that the former

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

Which of the following affects the accuracy and authenticity of the trial balance?

A ledger is classified into

The book of account in which information from the source documents are recorded consists of

The accounting entries to record a cheque issued by a business is to

Given:

If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

The major advantage of an imprest system is that it

Petty cash book records transactions on

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

1. Cash sales
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receipts

Which of the following are recorded on the debit side of the cash book

An item credited in the bank statement but yet to be recorded in the firm's cash book is

The major focus of the trading account is to show

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905

The value of the current assets will be

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905

Determine the current liabilities

The excess of sales over cost of goods sold is

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each

Determine the cost of goods sold using FIFO

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each

Calculate the cost of goods available for sale using LIFO

The control account is used in facilitating

A book of account that possesses the features of both day book and ledger is

The value of the sales ledger control account is derived from the summation of

Subscription in arrears is treated in the balance sheet of a club as

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570

Determine the amount of subscription for the year

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570

What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

Given:

Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000

Determine the value of stock as at 31st December

In a departmental account, where no basis of apportionment exist, apportionment is

In a departmental account, the expenses to be apportioned on the basis of turnover is

If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch

What is the cost price of the goods sent to the branch

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch

Determine the profit on the goods sent to the branch at profit margin of 25% mark-up

In the absence of a partnership deed, the act stipulates that

The profit of a branch is usually credited to the

Where partnership is converted into a limited liability company, current account balances of partners are transferred to a

The expenses incurred in purchasing a vehicle is a

Payment for shares in excess of amount offered gives rise to

The details of the share capital which a company is authorized to issue is contained in the

#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is

The account of government into which all monies are received and from which all expenditures are disbursed is the

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

The formula for calculating depreciation using straight line method is

Determine the closing stock.

What is the total income for the period?

What is the balance carried down?