Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 21:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

What is the opening cash balance

A. ₦20,600
B. ₦8,050
C. ₦3,650
D. ₦8,500

Question 22:

• JAMB 2019

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

A. I only
B. II and III
C. I and III only
D. IV only

Question 23:

• JAMB 2019

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

Cost of raw materials consumed is


A. ₦53,000
B. ₦150,000
C. ₦152,120
D. ₦148,120

Question 24:

• JAMB 2019

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

A. 220,480
B. 213,480
C. 200,480
D. 190,000

Question 25:

• JAMB 2019

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

A. Estimate
B. Depreciation
C. Asset
D. Useful Life