Jamb Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 21:

• JAMB 2020

Which of the following errors will affect the trial balance total?

A. Omission of sales of ₦3000 and purchases of
₦2000
B. Posting discount allowed to the debit side of discount allowed account
C. Omission of one account from the list when extracting the ledgers
D. Failure to post sales of ₦2000 and purchases of ₦2000

Question 22:

• JAMB 2020

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A. ₦250
B. ₦570
C. ₦850
D. ₦600

Question 23:

• JAMB 2020

Given ₦
Stock (1/4/94) 800
Purchases of flour 2,450
Sales 4,745
Wages of bakery staff 675
Carriage outwards 50
Salary of administrative staff 225
Stock (31/3/95) 940
Capital 1,540
Calculate the cost of goods sold.

A. ₦3,925
B. ₦3,250
C. ₦2,985
D. ₦2,575

Question 24:

• JAMB 2020

In a control account, provision for bad debts is found on the

A. Credit side of the sales ledger control account
B. Debit side of the purchases ledger control açcount
C. Debit side of the sales ledger control account
D. Credit side of the purchases ledger control account

Question 25:

• JAMB 2020

The rule of accounting equation requires that account payable should be placed under

A. Equities
B. Assets
C. Capital
D. Liabilities