Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 36:

• JAMB 2002

Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?

A. N10,000m
B. N12,000m
C. N90,000m
D. N11,000m

Question 37:

• JAMB 2002

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

A. Used to pay all taxes due to government
B. Used to start a new partnership business by members who are willing
C. Shared equally by the existing partners
D. Used in paying the debts and liabilities of the firm to persons who are not partners

Question 38:

• JAMB 2002

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

A. Fund accounting
B. Commitment accounting
C. Cash accounting
D. Accrual accounting

Question 39:

• JAMB 2002

Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is

A. N4200
B. N2700
C. N4500
D. N3900

Question 40:

• JAMB 2002

Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is

A. N3900
B. N2500
C. N4100
D. N2700