Jamb Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 36:

• JAMB 2016

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A. #744,800
B. #760,000
C. #784,000
D. #744,000

Question 37:

• JAMB 2016

Which of the following is accounted for in receipts and payments account?

A. Accrued expenses on annual dances
B. Subscriptions due but not yet received
C. Interest on bank deposit
D. Depreciation of the club house

Question 38:

• JAMB 2016

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

A. Capital reserve
B. Revenue reserve
C. Net income
D. Net loss

Question 39:

• JAMB 2016

An increase in government expenditure within a year is taken care of by means of

A. Virement
B. Financial regulations
C. Supplementary estimate
D. Warrant

Question 40:

• JAMB 2016

A business organization prepares departmental account in order to

A. Asertian the contribution of each department to the organization
B. Ascertain interdepartmental transfer
C. Build other branches
D. Know the number of departments in the organization