Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 66:

• JAMB 2015

Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

A. N1.183
B. N1.025
C. N1.00
D. N1.05

Question 67:

• JAMB 2015

Income and expenditure account is more detailed than receipts and payments account because it disclosed

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 68:

• JAMB 2015

Capital reserves includes the following except

A. Revaluation surplus
B. Pre-incoporation profit
C. Share premium
D. General reserves

Question 69:

• JAMB 2015

Which of the following is not a feature of accounting information?

A. Timeliness
B. Accuracy
C. Completeness
D. Affordability

Question 70:

• JAMB 2015

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

A. Periodicity
B. Business entity
C. Dual aspect
D. Going concern