Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 41:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheque} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 440
\end{array}\)

A. ₦4207
B. ₦9527
C. ₦6907
D. ₦9877

Question 42:

• JAMB 2017

The tier of government that uses financial memorandum

A. Federal government
B. State government
C. Local government
D. Municipal government

Question 43:

• JAMB 2017

What is the effect of transaction when cash is paid into the bank

A. Bank balance decrease and cash balance increase
B. Bank balance decrease and cash balance decrease
C. Cash balance increase and bank balance increase
D. Cash balance decrease and bank balance increase

Question 44:

• JAMB 2017

The principle of double entry developed from the axioms of accounting equation is given as

A. Assets + Liability = Equity
B. Assets + Equity = Liabilities
C. Liabilities + Equity = Asset
D. Liabilities + Equity = Net assets

Question 45:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards

A. ₦9,000
B. ₦2,500
C. ₦3,000
D. ₦1,500