Trial balance - 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 1995

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

A. Classifying accounts in the ledger
B. Testing arithmetical accuracies of the ledger account balances
C. Identifying the balance sheet items
D. Providing a basis for establishing the accountant's competence

Question 3:

• JAMB 1998

N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000
In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

A. N147,910
B. N138,500
C. N88,500
D. N85,800

Question 4:

• JAMB 2000

Which of the following errors will affect the trial balance total?

A. Posting disscount allowed to the debit side of the discount allowed account
B. Omision of one account from the list when extracting from the ledger
C. Failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
D. Omission of sales of N3,000 and purchases of N2,000

Question 5:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

A. N9700
B. N8700
C. N7900
D. N7800