Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 531:

• JAMB 2005

A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?

A. Cash and credit debenture
B. Debenture and credit cash
C. Cash and credit capital
D. Capital and debit cash

Question 532:

• JAMB 2005

The accounting method that reports incomes when earned and expenses when incurred is called?

A. Cash accounting
B. Commitment accounting
C. Fund accounting
D. Accrual accounting

Question 533:

• JAMB 2005

The tier of government that uses financial memorandum is the?

A. Federal government
B. State government
C. Local government
D. Municipal government

Question 534:

• JAMB 2005

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock

A. N20 000
B. N30, 000
C. N40 000
D. N50,000

Question 535:

• JAMB 2005

The capital employed is

A. N13 000
B. N9 900
C. N8 400
D. N9 000