Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 1:

• JAMB 2018

What is the amount of capital employed?

A. ₦7000
B. ₦10000
C. ₦22000
D. ₦15000

Question 2:

• JAMB 2018

What is the amount of capital employed?

A. ₦7000
B. ₦10000
C. ₦22000
D. ₦15000

Question 3:

• JAMB 2018

Advertising expenses incurred on a product in a business organization should be charged to

A. Sales department
B. Production department
C. Purchase department
D. Administration department

Question 4:

• JAMB 2018

N	N
Capital 39,000	Land 20,000
Long Term Loan 15, 000	Building 30,000
Creditors 9,000	Stock 40,000
	Debtors 6,000
Accrued wages 5,000	Cash 8, 000
68,000	68,000

Use the information above to answer the question
: The acid test ratio in the company is___________





A. 1:1
B. 2:3
C. 1:2
D. 3:2

Question 5:

• JAMB 2018

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

A. Price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark up