Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1036:

• JAMB 2015

The loss made by a non profit making organization is called

A. Deficit
B. Surplus
C. Discount
D. Shortage

Question 1037:

• JAMB 2015

If rent account is debited instead of rate account, the error committed is that of;

A. Omission
B. Commission
C. Principle
D. Original entry

Question 1038:

• JAMB 2015

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

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

Question 1039:

• JAMB 2015

Use the information below to answer this question.
A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

A. N2
B. N0.80
C. N0.60
D. N0.50

Question 1040:

• JAMB 2015

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?

A. N1, 605
B. N875
C. N2, 450
D. N1, 300