Jamb Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 11:

• JAMB 2016

Which of the following is the capital reserve of a company?

A. Accumulated depreciation
B. Retained profit
C. Share premium
D. Loss on forfeited shares

Question 12:

• JAMB 2016

The effect of overstating revenue expenditure in the profit and loss account is that the

A. Opening stock will be increased
B. Net profit will be understand
C. Net profit will be overstead
D. Opening stock will be decreased

Question 13:

• JAMB 2016

Which of the following condition would attract credit and debit notes to be used?

A. When goods are received from supplier
B. When a trial balance is extracted
C. When a buyer is under or over charged
D. When goods are sold to a buyer

Question 14:

• JAMB 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A. #45,000
B. #39, 000
C. #35,000
D. #46,000

Question 15:

• JAMB 2016

A receipt is an evidence of

A. Payments
B. Stocking
C. Delivery
D. Discounts