Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 31:

• JAMB 2023

Which of the following is used to service all operations of government?

A. General reserve fund
B. Consolidated revenue fund
C. Special operational fund
D. Consolidated reserve fund

Question 32:

• JAMB 2023

The effect of transaction when cash is paid into the bank is?

A. Bank balance decrease and cash balance increase
B. Cash balance decrease and bank balance increase
C. Bank balance decrease and cash balance decrease
D. Cash balance increase and bank balance increase

Question 33:

• JAMB 2023

Which of these is not a subsidiary books?

A. Sales day book
B. Purchase day book
C. Credit note
D. Return inward day book

Question 34:

• JAMB 2023

Salaries in arrears is treated in the balance sheet as a ____________

A. Current asset
B. Current liability
C. Long term liability
D. Fixed asset

Question 35:

• JAMB 2023

Capital for a profit making organization is generated through ____________

A. Gift
B. Donation
C. Shares
D. Subscription