Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 546:

• JAMB 2006

Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?

A. N95 00
B. N12 500
C. 11 500
D. 10 00

Question 547:

• JAMB 2006

Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
Determine the current assets?

A. N7 000
B. N6 000
C. N8 000
D. N9 000

Question 548:

• JAMB 2006

The difference in the sales ledger control account is transferred to the?

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

Question 549:

• JAMB 2006

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?

A. Deited by N100
B. Credited by N100
C. Credited by N1000
D. Deited by N1000

Question 550:

• JAMB 2006

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

A. 60 days
B. 30 days
C. 120 days
D. 90 days