Jamb Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 21:

• JAMB 2016

The income and expenditure account differs from receipts and payments account because it

A. Accounts for notional charges
B. Records transactions that relate to the period on cash basis
C. Records transactions that relate to the period on accrual basis
D. Accounts for balance of cash at bank

Question 22:

• JAMB 2016

The major sources of revenue for the state and local governments is

A. Value added tax
B. Statutory allocation
C. Taxes and levies
D. Recurrent revenue

Question 23:

• JAMB 2016

1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?

A. II and IV
B. II, III and IV
C. I, II and III
D. III and IV

Question 24:

• JAMB 2016

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

A. Current account
B. Profit and loss account
C. Profit and loss appropriation account
D. Capital account

Question 25:

• JAMB 2016

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

A. Annual discount
B. Trade discount
C. Periodic discount
D. Cash discount