Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 26:

• JAMB 2017

The current growth in the volume of trading and financial dealing in Nigeria is helped by

A. Increased financial activities
B. Government intervention
C. Credit as a factor in business
D. Payment for goods in cash

Question 27:

• JAMB 2017

One of the options below have the same features as the profit and loss account in non-profit organization

A. Income and expenditure account
B. Profit and loss account
C. Receipts and payment account
D. Non profit account

Question 28:

• JAMB 2017

Calculate the discount received in Department B
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

A. ₦12,000
B. ₦15,000
C. ₦16,000
D. ₦9,000

Question 29:

• JAMB 2017

An advantage of FIFO method of stock valuation is that

A. It serves-as a control during inflation
B. It is calculated at the end of the year
C. It is progressive in nature
D. Its flow of cost is in sequence with the flow of stock.

Question 30:

• JAMB 2017

Discount allowed is enjoyed by

A. Managers
B. Customers
C. Suppliers
D. Staff of the company