Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 6:

• JAMB 2017

Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes

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

Question 7:

• JAMB 2017

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

A. Unpresented
B. Dividend
C. Uncredited cheque
D. Credit transfer

Question 8:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?

A. ₦4,350
B. ₦6,000
C. ₦5,150
D. ₦4,000

Question 9:

• JAMB 2017

Which fund is used to meet unforeseen or urgent expenditure

A. General reserve fund
B. Consolidated Reserve Fund
C. Contingencies fund
D. Special fund

Question 10:

• JAMB 2017

In the period of rising prices, which method of stock valuation is most appropriate?

A. Last in First Out
B. Weighted average
C. First in First Out
D. Simple average