Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 6:

• JAMB 2005

Given:
Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000
The total trial balance is?

A. N110,000
B. N65,000
C. N55,000
D. N45,000

Question 7:

• JAMB 2005

What are the appropriate recording procedures for entries in the trial balance?

A. Source documents, ledgers and trial balance
B. Ledgers, trial balance and source documents
C. Ledgers, source documents and trial balance
D. Cash account, ledgers and trial balance

Question 8:

• JAMB 2005

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

A. Omission
B. Principle
C. Commission
D. Original entry

Question 9:

• JAMB 2005

Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?

A. Credit balance of N 200,000
B. Debit balance of N 200,000
C. Credit balance of N 3 200,000
D. Debit balance of N3 200,000

Question 10:

• JAMB 2005

five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?

A. N150
B. N250
C. N350
D. N500