Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 11:

• JAMB 2002

Use the information below to answer questions 9 and 10.
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 liabilities of Udo Co. Ltd is?

A. N180,000
B. N181,000
C. N177,000
D. N110,000

Question 12:

• JAMB 2002

The normal accounting entry to record the dishonor of a businessman is to?

A. Debit cash book and credit suspense account
B. Debit cash book and credit drawer
C. Credit caah book and debit suspense account
D. Credit cash book and debit drawer

Question 13:

• JAMB 2002

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?

A. N8m
B. N10m
C. N15m
D. N20m

Question 14:

• JAMB 2002

Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?

A. N90m
B. N70m
C. N100m
D. N80m

Question 15:

• JAMB 2002

The concise statement used to explain entries in the general journal is known as?

A. Narration
B. Summary
C. Information
D. Commentary