Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 1:

• JAMB 2015

An expenses is said to be revenue in nature if it

A. Adds or contributes to the operating income of the business
B. Necessitates the introduction of additional capital
C. Reduces the capital of the business
D. Adds to or improves the value of fixed assets

Question 2:

• JAMB 2015

An expenses is said to be revenue in nature if it

A. Adds or contributes to the operating income of the business
B. Necessitates the introduction of additional capital
C. Reduces the capital of the business
D. Adds to or improves the value of fixed assets

Question 3:

• JAMB 2015

An entry in a subsidiary book which does not form part of the double entry system is a

A. Contra entry
B. Single entry
C. Journal entry
D. Memorandum entry

Question 4:

• JAMB 2015

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

A. N16,000
B. N17,000
C. N13,000
D. N14,000

Question 5:

• JAMB 2015

Which method of pricing can be used satisfactorily in either rising or falling price situation?

A. Market price
B. Average method
C. FIFO
D. Standard price