Jamb Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 16:

• JAMB 2020

Which of the following accounting records are source documents?

A. Journals and ledgers
B. Sales invoice and debit note
C. Sales invoice and cashbook
D. Cashbook and debit note

Question 17:

• JAMB 2020

In preparing accounting records, the owners of a business and the business are treated as

A. Separate legal entities
B. Partners
C. The same person
D. Having business relationship

Question 18:

• JAMB 2020

₦
Bank account 59,410
Capital account 50,000
Purchases account 20,000
Rent 2,500
Stationery 90
Typewriter 6,500
Sales 38,500
In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?

A. ₦I38,500
B. ₦147,910
C. ₦85,800
D. ₦88,500

Question 19:

• JAMB 2020

Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
Calculate the closing stock for the period.

A. ₦69,300
B. ₦81,600
C. ₦81,300
D. ₦106,400

Question 20:

• JAMB 2020

Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
What is the gross profit for the period?

A. ₦535,650
B. ₦628,300
C. ₦647,600
D. ₦106,400