Incomplete Records and Single Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1995

Accumulated depreciation on the asset as at 31/12/81 was

A. N 2 487 500 .00
B. N 2 736 250 . 00
C. N 4 511 192.00
D. N 4 975 000 .00

Question 7:

• JAMB 1997

In analyzing incomplete records, which of the following should be investigated?

A. The general ledger
B. The purchases day book and sales day book
C. The nature of trading activities and the basis on which goods are sold
D. The asset register together with the depreciation schedule

Question 8:

• JAMB 1998

The statement of affairs prepared from incomplete records can be described as?

A. The summary of all the business transactions of the trader ascertained by the accountant
B. A balance sheet at a particular date showing the assets and liabilities of the business
C. A schedule of all the business ventures entered into for the period to which the records relates
D. The statement that shows the profit or loss made during the period

Question 9:

• JAMB 1999

The main features of the single system are that?

A. Books of accounts are not maintained and business relies only on bank statement
B. The journal records are absent and only the main ledger is kept 7
C. There are incomplete classifications and recording procedures
D. Only credit sales transactions and credit purchase are recorded

Question 10:

• JAMB 1999

In dealing with incomplete records, fixed assets are posted to?

A. Opening profit and loss as brought forward figures
B. Closing balance sheet as carried forward figures
C. Closing balance sheets as brought forward figures
D. Closing profit and loss as brought forward figures