Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1021:

• JAMB 2015

When shares are sold at more than the par value, they are said to have been issued at

A. A premium
B. Normal value
C. A discount
D. A profit

Question 1022:

• JAMB 2015

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

A. N52,000
B. N51,000
C. N55,000
D. N50,000

Question 1023:

• JAMB 2015

Which of the following is shown in the profit and loss appropriation account of a company

A. Interest charges
B. Depreciation
C. Directors emoluments
D. Dividends

Question 1024:

• JAMB 2015

Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

A. Purchase of business account and credit cash account
B. Goodwill account and credit purchase of business account
C. Cash account and credit goodwill account
D. Goodwill account and credit cash account

Question 1025:

• JAMB 2015

The income and expenditure account of a club is the same as

A. Single entry account
B. A profit and loss account
C. A trading account
D. A cash book