Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 31:

• JAMB 2003

Receipts and payments accounts is the summary of?

A. Income and expenditure
B. Cash book
C. Balance sheet
D. Profit and loss

Question 32:

• JAMB 2003

Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?

A. N295 000
B. N265 000
C. N245 000
D. N215 000

Question 33:

• JAMB 2003

Which of these is a capital expenditure warrant?

A. Provisional general warrant
B. Development fund general warrant
C. Reserved expenditure general warrant
D. Supplementary warrant

Question 34:

• JAMB 2003

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

A. N1080 000
B. N2 160 000
C. N3 600 000
D. N5 040 000

Question 35:

• JAMB 2003

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

A. N1, 100 000
B. N680 000
C. N440 000
D. N410 000