Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 31:

• JAMB 2002

In an incomplete record system a trading account cannot be prepared until the?

A. Day book has been balanced
B. Amount of personal drawings has been established
C. Cash book has been balanced
D. Amount os sales and purchases has been established

Question 32:

• JAMB 2002

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

A. Draw up the statement of affairs
B. Draw up a T-account to establish the amount
C. Compare the journal entries with the cash book
D. Cross-check the cash book for further information

Question 33:

• JAMB 2002

keeping records under the single entry system has the advantage of?

A. Quality in terms of records
B. Completeness in terms of records
C. Accuracy in terms of operation
D. Simplicity in terms of operation

Question 34:

• JAMB 2002

Control accounts help to verify the arithmetic accuracy of the postings from the?

A. Subsidiary books into the trial balance
B. Ledger into the trial balance
C. Journals into the ledgers
D. Subsidiary books into the ledgers

Question 35:

• JAMB 2002

Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A. N30,000
B. N40,000
C. 50,000
D. N20,000