Accounts Principles Of Accounts Past Questions and Answers

Question 3111 :

• JAMB 2020

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

A. Fixed cost
B. Current asset
C. Long term liability
D. Current liability

Question 3112 :

• JAMB 2020

One of the major features of book keeping is that it

A. Is futuristic in nature
B. Accepts responsibility for all wrong postings
C. Provides permanent records for all financial transactions
D. Does not give room for double entry procedure

Question 3113 :

• JAMB 2020

Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
Calculate the capital of the business.

A. ₦3000
B. ₦9400
C. ₦3400
D. ₦6000

Question 3114 :

• JAMB 2020

Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
What is the net working capital?

A. ₦1800
B. ₦800
C. ₦2600
D. ₦600

Question 3115 :

• JAMB 2020

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

A. Commission paid
B. Interest received
C. Direct withdrawal
D. Direct payment