Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 41:

• JAMB 2000

The channel through which all government borrowing and domestic lending transactions pass is called?

A. Special trust fund
B. Agency fund
C. National loan fund
D. Contingency fund

Question 42:

• JAMB 2000

Recurrent expenditure are expenses for the period not exceeding?

A. 10 years
B. 5 years
C. 2 years
D. 1 year

Question 43:

• JAMB 2000

A major benefit derived from the reconciliation of branch and head office books is to?

A. Determine accurate returns by the branch
B. Ascertian the correct profit or loss on branch activities
C. Enable the branch to keep control over stock
D. Enable the branch to ascertain debtor's balance

Question 44:

• JAMB 2000

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A. N6,120,000
B. N6,120,300
C. N8,280,000
D. 8,820,000

Question 45:

• JAMB 2000

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

A. N 125, 000
B. N114,500
C. N105,500
D. N105,250