Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 56:

• JAMB 2019

The similarities between Receipts and payments and income and expenditure account is

A. Both accounts follows the principle of double entry
B. They are summaries of financial statements
C. Both include capital items
D. Both are prepared by non-profit making concern

Question 57:

• JAMB 2019

Given:

EquipmentMotor VehicleLoanCreditorsSub in advanceSub in arrears

₦10,00015,0004,5003,0001503500

What is the accumulated fund?

A. ₦14,150
B. ₦20,850
C. ₦21,850
D. ₦14,200

Question 58:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What us the amount of purchase

A. ₦11,970
B. ₦11,000
C. ₦1,250
D. ₦12,053

Question 59:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?

A. ₦550
B. ₦12,250
C. ₦12,530
D. ₦830

Question 60:

• JAMB 2019

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

A. Profit
B. Capital
C. Loss
D. Cash