Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 6:

• JAMB 2009

Given:
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?

A. N4 690 000
B. N2 620 000
C. N2 520 000
D. N1 565 000

Question 7:

• JAMB 2009

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

A. Increase in assets and increase in capital
B. Increase in liabilities and decrease in capital
C. Decrease in capital and increase in assets
D. Decrease in capital and decrease in assets

Question 8:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?

A. I and ii
B. Iv and v
C. Iii and v
D. Ii and iv

Question 9:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?

A. I, ii and v
B. I, ii and iv
C. I, ii and iii
D. Iii, iv and v

Question 10:

• JAMB 2009

Use the information above to answer question
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?

A. 160
B. 840
C. 1000
D. 1040