Appropriation account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1997

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?

A. Faruk, (N450); Osawe, (N1 050)
B. Faruk, (N3 150); Osawe, (N7350)
C. Faruk, (2 250); Osawe, (N7 350)
D. Faruk, (N450); Osawe, (N1 050)

Question 3:

• JAMB 1997

The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is

A. N36 000 Credit
B. N16 600 credit
C. N16 600 debit
D. N1 800 credit

Question 4:

• JAMB 1998

Umar and Ahemed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?

A. N33,333
B. N40,000
C. N44,444
D. N50,000

Question 5:

• JAMB 2000

An item of appropriation in partnership profit and loss account is?

A. Interest on partners' capital
B. Interest on partners' loan
C. Employees' salaries
D. Partners' drawings