Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 21:

• JAMB 2006

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?

A. Entity
B. Materiality
C. Realization
D. Accrual

Question 22:

• JAMB 2006

Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?

A. An error of principles
B. A compensating error
C. An error of commission
D. An error omission

Question 23:

• JAMB 2006

Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?

A. N6745
B. N6754
C. N6475
D. N6574

Question 24:

• JAMB 2006

Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?

A. N123 325
B. N160 050
C. N166 525
D. N326 575

Question 25:

• JAMB 2006

Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?

A. N156 000
B. N38 300
C. N183 150
D. N66 550