Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 26:

• JAMB 2014

The value of the sales ledger control account is derived from the summation of

A. The total debtors' account
B. The total creditors' account
C. All day books
D. Both the debtors'and creditors' accounts

Question 27:

• JAMB 2014

Subscription in arrears is treated in the balance sheet of a club as

A. Current asset
B. Current liability
C. Fixed asset
D. Intangible asset

Question 28:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
Determine the amount of subscription for the year

A. #57,470
B. #41,070
C. #40,210
D. #35,300

Question 29:

• JAMB 2014

Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

A. #14,200
B. #16,400
C. #18,900
D. #20,500

Question 30:

• JAMB 2014

Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December

A. #8000
B. #9,500
C. #12,500
D. #15,500