JAMB Accounts - Principles of Accounts 2019 Past Questions

Transactions are recorded or posted to the ledger in line with

Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

The advantage of double entry is that

Accounts can be classified into

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

If only wages is shown on the trial balance, it should be charged to the

What is the Gross Profit on percentage of sale?

Calculate the net profit on percentage of expenses.

Mr Ojo gives you the following information on 31st July 2017
Opening Stock         7,000
Closing Stock         12,000
Purchases         60,000
Expenses         4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales

The company's paid-up capital is

The Unissued capital of the company is

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

Retained profits is an example of

Ojo's share of profit is

Sam's share of profit is

The rate of interest on capital for Ade is

Calculate the subscriptions in the Income and expenditure account

The figure ₦1000 represent what in the balance sheet.

What is the opening cash balance

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

Use the following Information to answer this question.

Cost of raw materials consumed is

Use the following Information to answer this question.

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

Recurrent expenditure is

Capital expenditure is

Goods can be charged to branches using any of these pricing methods except

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

The cost of goods for department B is

The net profit for departmental A is

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

The two recognised accounting bases are

Given:

The drawings for the period stand at

The importance of bank statement is all except

Accounting standards are issued at the International level by the

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

One of these is not a similarity between Joint Venture and Partnership.

Majority of commercial transactions are termed credit transactions, which means

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

A proprietor withdraws cash from the business for private use, he

The rules of double entry states that

The difference between double entry and single entry is

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

The purpose of profit and loss account is to ascertain

Discount received is charge to

What was the cost of goods sold?

What was the gross profit?

An ordinary share of ₦100 was issued at ₦80. The share was issued at

Shares that are offered to existing shareholders at a price is called