Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 16:

• JAMB 2000

The simplest form of single entry procedure consists fo keeping a?

A. Day book or general journal
B. Cash book and ledger accounts showing debtors and creditors balances
C. Cash journal, sales journal and purchases journal
D. Day book in which transactions are described in chronological order

Question 17:

• JAMB 2000

A fixed cost is fixed only in relation to?

A. The quality of goods produced
B. The quantity of goods sold
C. A given period of time and a range of activities
D. A given period of time and the nature of activity

Question 18:

• JAMB 2000

One of the advantage of the shortcomings of single entry procedures is that?

A. A trial balance is not available
B. Profits are overestimated
C. There are no subsidiary books
D. There are no control accounts

Question 19:

• JAMB 2000

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?

A. Debit bank, credit custmer and credit conyrol account
B. Credit bank, debit customer, and credit control account
C. Debit customer, debit control accountand credit bank
D. Credit control account, debit bank and debit customer

Question 20:

• JAMB 2000

Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?

A. Shares are never offered at a discount; the offer is invalid
B. The value of shares in the capital account will be lowered by 2%
C. The company incurs a loss to the tune of 2% of the offer
D. Each of the subscribers loses 2% of investment