Accounts Principles Of Accounts 2016 Jamb Past Questions and Answers

Question 31 :

• JAMB 2016

The trader's capital in a single entry system is ascertained by preparing

A. Gross profit
B. Statement of affairs
C. Suspense account
D. Appropriation account

Question 32 :

• JAMB 2016

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

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

Question 33 :

• JAMB 2016

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

A. #300
B. #400
C. #600
D. #200

Question 34 :

• JAMB 2016

Purchases can be ascertained through the preparation of a

A. Stock account
B. Sales account
C. Total debtors control account
D. Total creditors control account

Question 35 :

• JAMB 2016

When stock is withdrawn for personal use, the accounting entries is to debit

A. Stock account credit drawings
B. Drawing account, credit stock account
C. Personal account credit cash account
D. Cash account, credit personal account