Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 16:

• JAMB 2017

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

A. Provisional general warrant
B. Annual general warrant
C. Reserved expenditure warrant
D. Contigencies

Question 17:

• JAMB 2017

one of the options below is not the source of income for non- profit organization

A. Entrance fees
B. Subscription/dues
C. Odrinary shares
D. Donations

Question 18:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)
Determine the net profit

A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦1,400

Question 19:

• JAMB 2017

Salaries in arrears is treated in the balance sheet as a

A. Current asset
B. Current liability
C. Fixed asset
D. Long term liability

Question 20:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)
Determine the amount of goodwill

A. ₦110 000
B. ₦ 80 000
C. ₦ 90 000
D. ₦ 30 000