Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 16:

• JAMB 2018

Calls in advance are treated in the balance sheet as_______

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

Question 17:

• JAMB 2018

Why are adjustments in the profit and loss account necessary?

A. To cover some expenses of the following year
B. To show the provisions made during the year
C. To show the total expenses paid and income received during the year
D. To ascertain the actual expenses incurred and income earned during the year

Question 18:

• JAMB 2018

Which of the following is not a type of branch?

A. Dependent branch
B. Foreign branch
C. Independent branch
D. Single branch

Question 19:

• JAMB 2018

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

A. Debit entry
B. Contra entry
C. Credit entry
D. Reversal entry

Question 20:

• JAMB 2018

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

A. Partners salaries
B. Interest on capital
C. Interest on loans
D. Partners drawings