Jamb Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 41:

• JAMB 1999

Capital and revenue expenditures of government are usually accounted for under funds which include?

A. A personal advances, technical, special trust and
B. Technical, special trusth and commercial funds
C. Personal advances, treasury clearance and special trusth funds
D. Commercial loans and treasury clearance funds

Question 42:

• JAMB 1999

Which of the following account is kept by local governments in Nigeria?

A. Balance sheet
B. Advances account
C. Debtors account
D. Profit account

Question 43:

• JAMB 1999

The conventional sources of public revenue includes?

A. Loans,taxation, foreign reserves and dividends
B. Interest, royalties, taxation and loans
C. Crude oil, interest, posted price and taxation
D. Taxtion, deficit budgeting, royalties and loans

Question 44:

• JAMB 1999

Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.

A. N 9,300
B. N 6,600
C. N4,850
D. N 4,450

Question 45:

• JAMB 1999

Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is

A. N 480,000
B. N490000
C. N 500,000
D. N540,000