Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 36:

• JAMB 2023

One of the options below have the same features as the profit and loss account in non-profit organization

A. Non profit account
B. Profit and loss account
C. Income and expenditure account
D. Receipts and payment account

Question 37:

• JAMB 2023

	₦
Plant and Machinery	190000
Motor Vehicle	170000
Stock	60000
Current Liabilities	50000
Purchase consideration	40000

The goodwill is?

A. ₦110,000
B. ₦30,000
C. ₦90,000
D. ₦80,000

Question 38:

• JAMB 2023

Which of these is not method of stock valuation?

A. FIFO method
B. Base method
C. Standard method
D. LIFO method

Question 39:

• JAMB 2023

An evidence of payment issued to a government ministry by a revenue collector is ____________

A. Treasury card
B. Payment voucher
C. Treasury receipt
D. Receipt voucher

Question 40:

• JAMB 2023

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

A. Appropriation account
B. Profit and loss account
C. Balance sheet
D. Trading account