Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 11:

• JAMB 2021

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
The quick ratio is


A. 0.82:1
B. 1:53:1
C. 0.95:1
D. 0.91:1

Question 12:

• JAMB 2021

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
Determine the owner's equity

A. ₦275,000
B. ₦200,000
C. ₦755,000
D. ₦215,000

Question 13:

• JAMB 2021

The prime cost is the total of the

A. Direct materials+direct labour+direct wages
B. Production cost+selling expenses
C. Administrative expenses+selling expenses+distribution expenses
D. Direct materials+work overhead expenses

Question 14:

• JAMB 2021

Recurrent expenditures are expenses for the period not exceeding

A. 10years
B. 2years
C. 5years
D. 1year

Question 15:

• JAMB 2021

The major objectives of departmental account is to ascertain the

A. Materials sold in each department
B. Insurance premium payable on employees
C. Number of employees in each department
D. Contribution of each department to profit