Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 11:

• JAMB 2012

In a modern day banking system, cash transfer cannot be made where the transferor

A. Has no sufficient cash with the bank
B. Has no account with the bank
C. Does not reside in the bank's country
D. Does not possess the domestic currency

Question 12:

• JAMB 2012

Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500
The adjusted cash book balance is

A. #6,300
B. #4,300
C. #3,700
D. #2,700

Question 13:

• JAMB 2012

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
Determine the adjusted net profit

A. #210,000
B. #202,000
C. #195,000
D. #184,000

Question 14:

• JAMB 2012

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
The revenue to be added as an adjustment is

A. #34,000
B. #30,000
C. #15,000
D. #4,000

Question 15:

• JAMB 2012

Which of the following is an item of special assets?

A. Fixed assets
B. Current assets
C. Trademark
D. Gratuity