Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 11:

• JAMB 2006

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?

A. Deited by N100
B. Credited by N100
C. Credited by N1000
D. Deited by N1000

Question 12:

• JAMB 2006

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

A. 60 days
B. 30 days
C. 120 days
D. 90 days

Question 13:

• JAMB 2006

Gross earnings........................N950 000
Current liabilities...................N100 000
Operating expenses....................N350 000
10% debentures........................N400 000
Shareholder's fund....................N1300 000
Corporate tax is 30%
From the data above calculate the returns on equity?

A. 33%
B. 35%
C. 20%
D. 30%

Question 14:

• JAMB 2006

Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
The undistributed profit carried forward is?

A. N 68 000
B. N 20 000
C. N 74 000
D. N 34 000

Question 15:

• JAMB 2006

Accrual accounting differs from cash accounting because it recognizes?

A. Cash and creditors
B. Debtors and creditors
C. Cash and debitors
D. Prepayment and cash