Accounts Principles Of Accounts Past Questions and Answers

Question 3121 :

• JAMB 2020

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

A. Time span, usually one year covered by the financial statement
B. Period within which debtors are expected to settle accounts
C. Time, span during which taxes are paid to the inland revenue board
D. Budget period, usually one year relied on by the accountant

Question 3122 :

• JAMB 2020

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

A. ₦6,600
B. ₦9,300
C. ₦4,450
D. ₦4,850