Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 1:

• JAMB 2023

Shares are said to be authorized when they are ____________

A. Paid -up
B. Called up
C. Offered for sale
D. Subscribed

Question 2:

• JAMB 2023

The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called ____________

A. Matching
B. Business entity
C. Going concern
D. Historical cost

Question 3:

• JAMB 2023

The short term solvency of a company is determined with ____________ ratio

A. Acid test
B. Gross profit margin
C. Debt to equity
D. Current

Question 4:

• JAMB 2023

Which of the following is charged to trading account?

A. Rent
B. Discount allowed
C. Carriage inwards
D. Carriage outwards

Question 5:

• JAMB 2023

Which of the following expenses is *not* apportined in proportion to turnover?

A. Rent
B. Commission
C. Discount allowed
D. Carriage outwards