Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 801:

• JAMB 2011

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

A. Balance as per bank statement
B. Bank balance as per adjusted cash book
C. Aggregate balance as per cash book
D. Bank balance as per cash book

Question 802:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?

A. Iii and v
B. Ii and iii
C. Iv and v
D. I and ii

Question 803:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?

A. Iii and v
B. Ii and i
C. Iv and v
D. I and iv

Question 804:

• JAMB 2011

The type of expense charged against administration of a firm is the?

A. Repairs on building
B. Interesr paid on loan
C. Discount allowed
D. Tax expense

Question 805:

• JAMB 2011

In a period of declining price, which of the following methods would result in higher profit?

A. FIFO
B. Simple average
C. LIFO
D. Weighted average