Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 11:

• JAMB 2013

i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?

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

Question 12:

• JAMB 2013

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?

A. #4,000
B. #7,000
C. #11,000
D. #24,000

Question 13:

• JAMB 2013

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit


A. Sales account and credit bank account
B. Purchases and credit bank account
C. Cash and credit freehold
D. Bank and credit freehold

Question 14:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit

A. #100,000
B. #86,000
C. #82,000
D. #76,000

Question 15:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account

A. #17,000
B. #23,000
C. #26,000
D. #30,000