Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 636:

• JAMB 2007

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

A. N 1400
B. N6 600
C. N16 600
D. N18 600

Question 637:

• JAMB 2007

Given:
Calculate the surplus income.

A. N45 000
B. N44 000
C. N30 000
D. N14 000

Question 638:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 639:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 640:

• JAMB 2008

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

A. Conservatism
B. Historical
C. Monetary
D. Cost