Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 26:

• JAMB 2021

The accounting method that reports incomes when earned and expenses when incurred is called

A. Accrual accounting
B. Cash accounting
C. Fund accounting
D. Commitment accounting

Question 27:

• JAMB 2021

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

A. Entity
B. Accrual
C. Realization
D. Materiality

Question 28:

• JAMB 2021

Given:
₦
Bank overdraft 2,000
Cash 2,000
Furniture 4,000
Derive the total amount on the credit side of the trial balance

A. ₦4000
B. ₦6000
C. ₦2000
D. ₦8000

Question 29:

• JAMB 2021

Capital and revenue expenditures of government are usually accounted for under funds which include

A. Technical, special trust and commercial funds
B. Personal advances, technical and public funds
C. Personal advances, treasury clearance and special trust funds
D. Commercial loans and treasury clearance funds

Question 30:

• JAMB 2021

Given:

Depreciation of plant and machineryFactory rentIndirect wagesGeneral indirect expensesLubricantsCarriage inwardsFactory powerBank chargesCarriage outwards

₦1,600 650 695 7261,235 829 350 6122,900

Determine the total factory overhead cost

A. ₦4,485
B. ₦6,085
C. ₦6,556
D. ₦5,256