Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1026:

• JAMB 2015

Goods stolen at the branch is debited to

A. Branch stock account
B. Defalcations account
C. Branch debtors account
D. Branch adjustment account

Question 1027:

• JAMB 2015

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

A. Financial accounting
B. Accounting policies
C. Cost accounting
D. Accounting conventions

Question 1028:

• JAMB 2015

Which of the following cannot be realized?

A. Creditors
B. Debtors
C. Motor vehicles
D. Goodwill

Question 1029:

• JAMB 2015

If a trail balance is in agreement, one of the statement is untrue

A. The accounting system is error free
B. Equal debit entries and credit entries were recorded for each transaction
C. The debit and credit from the journal were posted to the accounts
D. Account balances were correctly computed

Question 1030:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities

A. N11, 700
B. N26, 700
C. N88, 000
D. N85, 000