Jamb Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 16:

• JAMB 1995

Why are adjustments in the profit and loss account necessary?

A. To cover some expenses of the following year
B. To ascertain the actual expenses incurred and income earned during the year
C. To show the provision made during the year
D. To show the total expenses paid and income received during the year

Question 17:

• JAMB 1995

Sales ledger control account contains the total amount in respect of

A. Creditors
B. Debtors
C. Investors
D. Shareholders

Question 18:

• JAMB 1995

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

A. N509,600
B. N482,600
C. N428,600
D. N418,400

Question 19:

• JAMB 1995

The starting point for the production of accounts from incomplete records is to

A. Ascertain the total sales
B. Compute the opening stock of goods sold
C. Verify the total purchase
D. Prepare an opening statement of affairs

Question 20:

• JAMB 1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price

A. N3,860
B. N3,806
C. N3,680
D. N3,086