Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 621:

• JAMB 2007

Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?

A. N30 000
B. N25 000
C. N5 000
D. 20 000

Question 622:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?

A. N17 700
B. N10 500
C. N20 000
D. N15 400

Question 623:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?

A. N12 800
B. N4900
C. N8200
D. N9500

Question 624:

• JAMB 2007

The process whereby a cheque received by one person is given to another is known as?

A. Cheque crossing
B. Payment in cheque
C. Cheque transfer
D. Cheque endorsement

Question 625:

• JAMB 2007

Journal proper is used in recording?

A. Transactions that are not regular
B. Returns from customers
C. Credit sales
D. The receipt and payment for money