Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 1:

• JAMB 2021

The principle of double entry system ensures

A. Balances at the bank
B. Increase in the assets and liabilities
C. Balance of cashbook
D. Mathematical accuracy in trial balance

Question 2:

• JAMB 2021

The interest on partner's loan is

A. Credited in current account
B. Debited in profit and loss account
C. Credited in profit and loss account
D. Debited in current account

Question 3:

• JAMB 2021

Which of the following is a debit item in the purchase ledger control account?

A. Balance b/d
B. Cheque dishonoured
C. Balance c/d
D. Purchases

Question 4:

• JAMB 2021

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

A. Cash and credit stationery
B. Purchases and credit stationery
C. Stationery and credit purchases
D. Stationery and credit cash

Question 5:

• JAMB 2021

Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?

A. ₦5,480,000
B. ₦6,480,000
C. ₦8,480,000
D. ₦7,380,000