Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1061:

• JAMB 2016

An item in the balance sheet of a limited liability company is

A. Accrued expenses
B. Lighting and heating
C. Salaries and wages
D. General expenses

Question 1062:

• JAMB 2016

The documents that provide instant information to firms on their tranactions with banks are

A. Bank statement and debit note
B. Cheque book and cashbook
C. Cheque stub and deposit slip
D. Payslip and credit invoice

Question 1063:

• JAMB 2016

Which of the following is the capital reserve of a company?

A. Accumulated depreciation
B. Retained profit
C. Share premium
D. Loss on forfeited shares

Question 1064:

• JAMB 2016

The effect of overstating revenue expenditure in the profit and loss account is that the

A. Opening stock will be increased
B. Net profit will be understand
C. Net profit will be overstead
D. Opening stock will be decreased

Question 1065:

• JAMB 2016

Which of the following condition would attract credit and debit notes to be used?

A. When goods are received from supplier
B. When a trial balance is extracted
C. When a buyer is under or over charged
D. When goods are sold to a buyer