Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 46:

• JAMB 2002

The working capital of the club is

A. N5000
B. N4000
C. N3000
D. N7000

Question 47:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?

A. N4500
B. N6000
C. N4000
D. N5000

Question 48:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure

A. N12000
B. N15000
C. N10000
D. N14500

Question 49:

• JAMB 2002

Miscellaneous expense is 10% of revenue Calculate the net income.

A. N583,000
B. N563,000
C. N483,000
D. N581,000

Question 50:

• JAMB 2002

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

A. N11500
B. N12000
C. N13000
D. N13500