Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1056:

• JAMB 2016

The major advantage of the journal proper is that it

A. Helps in the preparation of the balance sheet
B. Prevents fraud and theft of item of the business
C. Serves as a book of instruction to the bookkeeper
D. Help the banking industry to be efficient

Question 1057:

• JAMB 2016

Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is

A. # 60,700
B. #23,500
C. #60,500
D. #82,500

Question 1058:

• JAMB 2016

One of the objectives of accounting is that it can be used for

A. Business decision making
B. Due process in business
C. Motivating employees
D. Determining the work force

Question 1059:

• JAMB 2016

The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a

A. Return on capital employed
B. Gross profit margin
C. Net profit margin
D. Return on equity

Question 1060:

• JAMB 2016

The instrument used in analysis and interpretation of financial statement is the

A. Accounting ratios
B. Income and expenditure extract
C. Balance sheet extract
D. Found accounting