Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 1:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925

Question 2:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925

Question 3:

• JAMB 2002

In preparing the final accounts, the bad debt account is closed by a transfer to the?

A. Balance sheet
B. Provision for bad debt account
C. Profit and loss account
D. Trading account

Question 4:

• JAMB 2002

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?

A. N950
B. N970
C. N430
D. N380

Question 5:

• JAMB 2002

An entry in a subsidiary book which does not form part of the double entry system is a?

A. Contra entry
B. Journal entry
C. Single entry
D. Memorandum entry