Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 41:

• JAMB 2007

The fourth stage of the accounting information system is?

A. Recording
B. Interpreting
C. Summarizing
D. Classifying

Question 42:

• JAMB 2007

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?

A. N2700
B. N2250
C. N1550
D. N2000

Question 43:

• JAMB 2007

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?

A. N6600
B. N6650
C. N5600
D. N5900

Question 44:

• JAMB 2007

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

A. A decraese in the total asssets by N5000
B. An incraese in the total liabilities and owners' equity by by N15 000
C. An increase in the total assets by N15 000
D. A decrease in owners' equuity by N5000

Question 45:

• JAMB 2007

One of the benefits of book-keeping records is that they?

A. Give prospective investors accurate and direct information for decisions-making
B. Provide the public and creditors with details of the operations of an entity
C. Give legal backing to all the transactions undertaken by a business entity
D. Provide information without which the task of management would be difficult