Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 6:

• JAMB 2002

In an incomplete record, the preparation of the bank reconciliation ensures that?

A. All cash taking are banked
B. The cash book is correct
C. There are no overdrafts
D. There are no hidden loans

Question 7:

• 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 8:

• JAMB 2002

(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?

A. Iii and iv
B. I and ii
C. I and iii
D. Ii and iii

Question 9:

• JAMB 2002

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?

A. N20400
B. N20465
C. N35695
D. N19820

Question 10:

• JAMB 2002

Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?

A. N110,000
B. N105,000
C. N101,000
D. N100,000