Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 16:

• JAMB 2021

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

A. I, ii and iii
B. I and ii
C. I and iii
D. Ii and iii

Question 17:

• JAMB 2021

The formular for calculating depreciation using straight line method is


A. Cost-scrap value/useful life
B. Scrap value+sales/useful life
C. Sales-scrap value/useful life
D. Purshases+sales/useful life

Question 18:

• JAMB 2021

The two legally recognized professional accounting bodies in Nigeria are the

A. Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
B. Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria

Question 19:

• JAMB 2021

Use the information below to answer this question:

i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

Determine the fixed assets

A. Iii and iv
B. I and v
C. Ii and iv
D. Ii and vi

Question 20:

• JAMB 2021

Use the information below to answer this question:
i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

What are the current assets?

A. I and v
B. I and ii
C. Ii and iv
D. Iii and v