Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 1:

• JAMB 2003

Which of the following is used to update the cash book in bank reconciliation?

A. Interest received and unpresented cheques
B. Commission and debit note
C. Unpresented cheques and direct credit
D. Interest received and direct credit

Question 2:

• JAMB 2003

Which of the following is used to update the cash book in bank reconciliation?

A. Interest received and unpresented cheques
B. Commission and debit note
C. Unpresented cheques and direct credit
D. Interest received and direct credit

Question 3:

• JAMB 2003

The two legally recognized professional accounting bodies in Nigeria are the?

A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria

Question 4:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

A. N9700
B. N8700
C. N7900
D. N7800

Question 5:

• JAMB 2003

Verifiability in accounting is only possible when there are?

A. Minutes of meetings
B. Payment vouchers
C. Source documents
D. Audit certificates