Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 71:

• JAMB 2019

Given:

Fixed assetsLiabilitiesCurrent assets

₦55,00020,00013,000

What is the capital?

A. ₦88,000
B. ₦48,000
C. ₦62,000
D. ₦55,000

Question 72:

• JAMB 2019

One of the limitations of accounting is that

A. It ascertain financial position
B. It prevent fraud
C. Transactions are recorded in monetary terms
D. It monitor the progress of the enterprise

Question 73:

• JAMB 2019

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

A. ₦165,000
B. ₦635,000
C. ₦600,000
D. ₦156,000

Question 74:

• JAMB 2019

In the preparation of account, the owners of the business and the business concerned are treated as:

A. Partners
B. Joint venture
C. The same person
D. Separate legal entities

Question 75:

• JAMB 2019

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each

A. 330
B. 420
C. 230
D. 320