Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 36:

• JAMB 2015

Keeping records under single entry system has the advantage of

A. Quality in terms of records
B. Simplicity in terms of operation
C. Accuracy in terms of operation
D. Completeness in terms of records

Question 37:

• JAMB 2015

Which of the following is true in public sector accounting? Cost of assets is

A. Depreciated on straight line method
B. Expensed in the year of purchase
C. Charged to federation account
D. Depreciated on reducing balance method

Question 38:

• JAMB 2015

Which of the following accounts is debited when a delivery van is sold for cash?

A. Sales account
B. Delivery van account
C. Cash account
D. Profit and loss accounts

Question 39:

• JAMB 2015

When shares are sold at more than the par value, they are said to have been issued at

A. A premium
B. Normal value
C. A discount
D. A profit

Question 40:

• JAMB 2015

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

A. N52,000
B. N51,000
C. N55,000
D. N50,000