Jamb Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 1:

• JAMB 2020

The major distinguishing element between the final accounts of a partnership and a sole trader is the

A. Drawings account
B. Appropriation account
C. Capital account
D. Creditors account

Question 2:

• JAMB 2020

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

A. Production department
B. Purchases department
C. Sales department
D. Administrative department

Question 3:

• JAMB 2020

Four broad classifications of overheads are

A. Production, selling, distribution and administration
B. Production, selling, distribution and material
C. Selling, distribution and material
D. Distribution, selling, administration and materials

Question 4:

• JAMB 2020

Which of the following are advantages of departmental accounts?

A. The capital of the business can be calculated easily
B. Easy knowledge of the sources of funding
C. Encouragement of healthy rivalry among the various department
D. The department making the highest profit can be easily determined

Question 5:

• JAMB 2020

The debenture issued at par above the nominal value is Said to be issued at a

A. Margin
B. Premium
C. Cost price
D. Mark-up