Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 46:

• JAMB 2015

Which of the following cannot be realized?

A. Creditors
B. Debtors
C. Motor vehicles
D. Goodwill

Question 47:

• JAMB 2015

If a trail balance is in agreement, one of the statement is untrue

A. The accounting system is error free
B. Equal debit entries and credit entries were recorded for each transaction
C. The debit and credit from the journal were posted to the accounts
D. Account balances were correctly computed

Question 48:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities

A. N11, 700
B. N26, 700
C. N88, 000
D. N85, 000

Question 49:

• JAMB 2015

If sales return is understated, it implies that ------------------------------ is overstated

A. Return inward
B. Sales figure
C. Cost of sales
D. Return outward

Question 50:

• JAMB 2015

Accounting information is used by investors and creditors of a company to predict

A. Potential merger candidates for the company
B. Appropriate remunerations for the company’s staff
C. Future cash flows of the company
D. Future tax payments of the company