Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 11:

• JAMB 2001

In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?

A. N360
B. N355
C. N350
D. N305

Question 12:

• JAMB 2001

When a bill is negotiated to a bank, it is said be?

A. Surrendered
B. Cashed
C. Discounted
D. Accepted

Question 13:

• JAMB 2001

Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?

A. N1,223
B. N1,212
C. N1,202
D. N1,115

Question 14:

• JAMB 2001

If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?

A. Capital receipt
B. Revenue receipt
C. Windfall receipt
D. Miscellaneous receipt

Question 15:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?

A. N2,900,000
B. N3,800,000
C. N3,900,000
D. N4,000,000