JAMB Accounts - Principles of Accounts 2016 Past Questions

Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000

Determine the balance as per bank statement.

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

The major advantage of the journal proper is that it

Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2

The gross profit for K is

One of the objectives of accounting is that it can be used for

The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a

The instrument used in analysis and interpretation of financial statement is the

An item in the balance sheet of a limited liability company is

The documents that provide instant information to firms on their tranactions with banks are

Which of the following is the capital reserve of a company?

The effect of overstating revenue expenditure in the profit and loss account is that the

Which of the following condition would attract credit and debit notes to be used?

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A receipt is an evidence of

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

An organization which has records of only personal accounts is said to be operating on the basis of

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

Determine the amount received on final call.

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

The income and expenditure account differs from receipts and payments account because it

The major sources of revenue for the state and local governments is

1. The amount of the imprest is the same from one organization to another.

2. At the end of a fixed period, the petty cashier received a fixed sum of money.

3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

4. The system is a method by which a measure of control is kept on petty cash expenses.

Which of the following is correct about the imprest system?

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

The costs of acquiring fixed assets and bringing them into the firm is a

Impersonal account is subdivided into

Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash received during the period #40,000. What wasthe amount of cash paid during the same period?

The total cash and cheques received from customers in a control account is derived from the

Which of the foloowing is a credit item in creditors ledger control account?

The trader is capital in a single entry system is ascertained by preparing

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the informaation above, sources of income for a Not-for-profit-making organization include

Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment.

Purchases can be ascertained through the preparation of a

When stock is withdrawn for personal use, the accounting entries is to debit

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

Which of the following is accounted for in receipts and payments account?

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

An increase in government expenditure within a year is taken care of by means of

A business organization prepares departmental account in order to

The objective of departmental account is to

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

The difference between book keeping and accounting is that while

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

The yearly depreciation using the straight line method would be?

What is the total sales for the period?

What is the total purchase for the period?