Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 41:

• JAMB 2001

To account for expenses paid by head office on behalf of the branch, the branch should?

A. Debit head office account and credit cash
B. Debit profit and loss account and credit headoffice account
C. Credit cash and debit profitand loss account
D. Credit profit and loss account and debit head office account

Question 42:

• JAMB 2001

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

A. Debit cash and credit branch current account
B. Debit branch, current account and credit cash
C. Credit branch, debtors and debit cash
D. Credit branch current account and debit branch debtors

Question 43:

• JAMB 2001

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

A. Acountant General
B. Auditor General
C. Finance Minister
D. Permanent Secretary

Question 44:

• JAMB 2001

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
What is the capital from the opening balance sheet?

A. N3,600
B. N 2,700
C. N2,070
D. N1,520

Question 45:

• JAMB 2001

Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Determine the net current assets

A. N 43,000
B. N 28,000
C. N13,000
D. N3,000