Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 521:

• JAMB 2005

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

A. Debit side of its profit and loss account
B. Credit side of its profit and loss account
C. Debit side of its income and expenditure account
D. Credit side of its income and expenditure account

Question 522:

• JAMB 2005

Departmental accounts are prepared to aid the comparison of the?

A. Previous year's transactions
B. Daily profits
C. Workers' performances
D. Management performances

Question 523:

• JAMB 2005

A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

A. N9000
B. N6000
C. N4500
D. N1500

Question 524:

• JAMB 2005

The movement of goods from head office to a branch is treated in the in the head office accounts as?

A. Sales
B. Issue
C. Purchase
D. Requisition

Question 525:

• JAMB 2005

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

A. Debtors' account
B. Trading account
C. Expenses account
D. Cash account