JAMB Accounts - Principles of Accounts 2017 Past Questions

Which of these accounts is dissolution expenses credited?

Capital for a profit making organization is generated through

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

In manufacturing account, depreciation of office machine is charged to

Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)

If the gross profit is N5 000, what is the net profit?

Which fund is used to meet unforeseen or urgent expenditure

In the period of rising prices, which method of stock valuation is most appropriate?

Which of these is the subsidiary book for return inwards?

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

What is the main purpose of transaction file?

Processed data is only useful to user if it is

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

one of the options below is not the source of income for non- profit organization

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)

Determine the net profit

Salaries in arrears is treated in the balance sheet as a

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)

Determine the amount of goodwill

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

Which of these is the main source document for recording cash paid into bank?

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

The movement of goods from head office to a branch is treated in the head office as

The following are the importance of branch account except

The current growth in the volume of trading and financial dealing in Nigeria is helped by

One of the options below have the same features as the profit and loss account in non-profit organization

Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

An advantage of FIFO method of stock valuation is that

Discount allowed is enjoyed by

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

The accounting entries for goods stolen in branch will be to debit

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)

The balance as per bank statement is

The following appears in trading account except

Goodwill can be created in the books of a partnership firm when

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)

What is the amount of sales of sales for the year?

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

The use of a three column cash book is determined by

The discount column on the left-hand side of cashbook represents a discount

Which of the following is used to service all operations of government?

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheque} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 440
\end{array}\)

The tier of government that uses financial memorandum

What is the effect of transaction when cash is paid into the bank

The principle of double entry developed from the axioms of accounting equation is given as

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)

Carriage outwards

The correct expression of accounting equation is

Subscription in advance is treated in the balance sheet as a

Which of these is a content of a master file?

An evidence of payment issued to a government ministry by a revenue collector is

A part of public company's profits belonging to the shareholders is

When expenses are paid on behalf of the venture, the accounting entries is to debit