Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 6:

• JAMB 2021

A source document is used for verifying the

A. Amount due from debtors
B. Amount due to creditors
C. Selling price of goods
D. Actual cost of an asset

Question 7:

• JAMB 2021

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A. ₦130,000
B. ₦75,000
C. ₦80,000
D. ₦125,000

Question 8:

• JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
Determine the adjusted net profit

A. ₦202,000
B. ₦210,000
C. ₦195,000
D. ₦184,000

Question 9:

• JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

A. ₦34,000
B. ₦4,000
C. ₦30,000
D. ₦15,000

Question 10:

• JAMB 2021

The corresponding entry of personal accounts found in the debit side of the cashbook is to

A. Credit real accounts
B. Credit the ledger
C. Debit real accounts
D. Debit the ledger