Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1001:

• JAMB 2015

In a bank reconciliation statement, Dishonoured cheques is added to

A. Unpresented cheques
B. Uncredited cheques
C. Statement of account
D. Aggregate balanace as per cash book

Question 1002:

• JAMB 2015

Which of the following is a debit entry in debtors control account?

A. Discount allowed
B. Return inwards
C. Credit sales
D. Cash from debtors

Question 1003:

• JAMB 2015

Which of the following is not a proper form of the accounting equation

A. Fixed assets + current assets - liabilities = capital
B. Fixed assests + current assests + liabilities = capital
C. Fixed assets – liabilities + current assets = capital
D. Fixed asset + current asset – capital = liabilities

Question 1004:

• JAMB 2015

The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention

A. Marching
B. Consistency
C. Realization
D. Prudency

Question 1005:

• JAMB 2015

What does liquidity ratio measure?

A. Measures operating efficiency of a company
B. Measures the ability of a company to meet its current obligations.
C. Measures the value of investments of a company
D. Measures the financial leverage of a company