Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 36:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?

A. ₦3850
B. ₦6650
C. ₦1550
D. ₦6850

Question 37:

• JAMB 2017

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

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

Question 38:

• JAMB 2017

The use of a three column cash book is determined by

A. Cash discount
B. Trade discount
C. Cash transaction
D. Bank transaction

Question 39:

• JAMB 2017

The discount column on the left-hand side of cashbook represents a discount

A. Received from a creditor
B. Allowed to a debtor
C. Received from a debtor
D. Allowed to a creditor

Question 40:

• JAMB 2017

Which of the following is used to service all operations of government?

A. Consolidated Revenue Fund
B. Consolidated Reserve Fund
C. Special Operational Fund
D. General-Reserve Fund