JAMB Accounts - Principles of Accounts 2020 Past Questions

Under which of the following conditions is a partnership dissolved?

Which of the following accounting records are source documents?

In preparing accounting records, the owners of a business and the business are treated as

                                                ₦
Bank account                       59,410
Capital account                    50,000
Purchases account              20,000
Rent                                       2,500
Stationery                                   90
Typewriter                              6,500
Sales                                    38,500

In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?

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                                                                 ₦
Capital: Opening balance                     307,000
Closing balance                                    342,000
Net profit for the period                         121,600
Purchases                                             706,000
Carriage inwards                                     17,500
Cost of goods sold                                740,700
Total selling, general and          
administration expenses                        526,000
Discount received                                      9,650
Opening stock                                         98,800

Calculate the closing stock for the period.

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                                                                 ₦
Capital: Opening balance                     307,000
Closing balance                                    342,000
Net profit for the period                         121,600
Purchases                                             706,000
Carriage inwards                                     17,500
Cost of goods sold                                740,700
Total selling, general and          
administration expenses                        526,000
Discount received                                      9,650
Opening stock                                         98,800

What is the gross profit for the period?

Which of the following errors will affect the trial balance total?

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

Given                                                 ₦     
Stock (1/4/94)                                  800
Purchases of flour                         2,450
Sales                                             4,745
Wages of bakery staff                      675
Carriage outwards                             50
Salary of administrative staff            225
Stock (31/3/95)                                 940
Capital                                           1,540

Calculate the cost of goods sold.

In a control account, provision for bad debts is found on the

The rule of accounting equation requires that account payable should be placed under

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Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    ₦
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                                     Newspaper          250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

How much should the petty cashier receive after period 2?

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Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    ₦
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                                     Newspaper          250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

What was the balance of cash with the petty cashier at the end of period 1?

Accrual accounting differs from cash accounting because it recognizes

The amount of subscriptions accrued is reported in the balance sheet under

One of the major features of book keeping is that it

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                                          ₦
Total current assets        2000
Total fixed assets           4000
Current liabilities            1200
Drawings                         200
Long term loan              2000

Calculate the capital of the business.

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                                          ₦
Total current assets        2000
Total fixed assets           4000
Current liabilities            1200
Drawings                         200
Long term loan              2000

What is the net working capital?

A major cause of discrepancy between the bank statement and the cashbook that overstates the bank statement balance is the

The major feature of a journal is that it has

In the head office ledger, the value of goods sent to the branch are

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A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
 

The yearly depreciation using the straight-line method would be

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A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

Fiyinfoluwa 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

The term "accounting period" is used to refer to the

Appropriation Account
                                          TAYO                TOPE
                                              ₦                         ₦
interest on capital             750                    550
Salaries                               800                     600
Share of profit                   3,300                  3,300
Determine the net profits of the partnership

The major distinguishing element between the final accounts of a partnership and a sole trader is the

Advertising expenses incurred on a product in a business organization should be charged to

Four broad classifications of overheads are

Which of the following are advantages of departmental accounts?

The debenture issued at par above the nominal value is Said to be issued at a

The standing order is a payment instruction given by a

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

The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

The power to appoint the Auditor General of the Federation is vested in the

In trial balance, income and liabilities are

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?