Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 776:

• JAMB 2010

The capital contribution by the partners is treated in the?

A. Current account
B. Capital account
C. Trading account
D. Balance sheet

Question 777:

• JAMB 2010

Given:
N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000
Find the value of authorized share capital?



A. 13 000 000
B. 12 000 000
C. 9 000 000
D. 15 700 000

Question 778:

• JAMB 2010

The directors' salaries paid are items of?

A. Current liabilities
B. Profit and loss account
C. Trading account
D. Current account

Question 779:

• JAMB 2010

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.
Find the amount for sundry debtors after provision?


A. N760 000
B. N744800
C. N744 000
D. N784 000

Question 780:

• JAMB 2010

The financial plan of the government for a year is contained in the?

A. Budget
B. Cash analysis book
C. Vote book
D. Gazette