Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 41:

• JAMB 2015

Which of the following is shown in the profit and loss appropriation account of a company

A. Interest charges
B. Depreciation
C. Directors emoluments
D. Dividends

Question 42:

• JAMB 2015

Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

A. Purchase of business account and credit cash account
B. Goodwill account and credit purchase of business account
C. Cash account and credit goodwill account
D. Goodwill account and credit cash account

Question 43:

• JAMB 2015

The income and expenditure account of a club is the same as

A. Single entry account
B. A profit and loss account
C. A trading account
D. A cash book

Question 44:

• JAMB 2015

Goods stolen at the branch is debited to

A. Branch stock account
B. Defalcations account
C. Branch debtors account
D. Branch adjustment account

Question 45:

• JAMB 2015

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

A. Financial accounting
B. Accounting policies
C. Cost accounting
D. Accounting conventions