Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 21:

• JAMB 2005

Which of the following item is found on the credit side of the sales ledger control account?

A. Discount received
B. Dishonoured cheques
C. Credit sals
D. Bills receivable

Question 22:

• JAMB 2005

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?

A. N22 320
B. N17 200
C. N12 080
D. 5 120

Question 23:

• JAMB 2005

Use the information below to answer questions
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
The capital of the company stands at?

A. N12 240
B. N12 115
C. N2 510
D. N2 150

Question 24:

• JAMB 2005

Use the information below to answer questions 25 and26.
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
They company's net current assets amount to?

A. N5 780
B. N5 70
C. N6 580
D. N7 930

Question 25:

• JAMB 2005

A component of an overhead manufacturing cost is?

A. Cost of work-in-progress
B. Cost of finished goods
C. Labour
D. Rent