Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 6:

• JAMB 2001

Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
What is the cash balance?

A. N12,095
B. N12,590
C. N12,905
D. N12,950

Question 7:

• JAMB 2001

Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
Determine the total of the trial balance?

A. N335,050
B. N333,050
C. N323,050
D. N230,550

Question 8:

• JAMB 2001

The accuracy of journalist is checked by?

A. Ensuring that debit totals equal credit totals
B. Posting all journal entries to ledger accounts
C. Adding all figures in the debit column
D. Comparing accounts in the ledger against the journals

Question 9:

• JAMB 2001

Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A. N250
B. N570
C. N600
D. N850

Question 10:

• JAMB 2001

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

A. N17,800
B. N19,600
C. N29,200
D. N32,800