Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1011:

• JAMB 2015

The following account are prepared when goods are sent to branch except

A. Branch stock
B. Goods set to branch account
C. Branch adjustment account
D. Branch debtors account

Question 1012:

• JAMB 2015

The basis of accounting for public sector is

A. Accrual basis
B. Cost basis
C. Revenue basis
D. Cash basis

Question 1013:

• JAMB 2015

Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014

A. 17,500
B. 38,200
C. 20,700
D. 27,200

Question 1014:

• JAMB 2015

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.

A. Equally
B. In accordance with an established
C. In proportion of current account balances
D. In proportion of weighted average of capital

Question 1015:

• JAMB 2015

Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres
X N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?

A. N1, 500
B. N3, 000
C. N1, 800
D. N2, 000