Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 16:

• JAMB 2023

The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

A. Contigencies
B. Reserved expenditure warrant
C. Annual general warrant
D. Provisional general warrant

Question 17:

• JAMB 2023

The following appears in the trading account except

A. Carriage inward
B. Opening stock
C. Carriage outward
D. Sales

Question 18:

• JAMB 2023

	₦
Debtors opening	4000
Debtors closing	1500
Cash received from debtors	8500
Bad debts written off	350
Discount allowed	500
Discount received	1000

What is the amount of sales for the year?





A. ₦6850
B. ₦6650
C. ₦3850
D. ₦1550

Question 19:

• JAMB 2023

The principle of double entry developed from the axioms of accounting equation is given as

A. Liabilties + Equity = Net assets
B. Assets + Equity = Liabilities
C. Liabilities + Equity = Assets
D. Assets + Liability = Equity

Question 20:

• JAMB 2023

A part of public company's profit belonging to the shareholders is

A. Right issue
B. Bonus
C. Dividends
D. Public issue