Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1076:

• JAMB 2016

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

A. Current account
B. Profit and loss account
C. Profit and loss appropriation account
D. Capital account

Question 1077:

• JAMB 2016

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

A. Annual discount
B. Trade discount
C. Periodic discount
D. Cash discount

Question 1078:

• JAMB 2016

The costs of acquiring fixed assets and bringing them into the firm is a

A. General expenses
B. Recurrent expenditure
C. Revenue expenditure
D. Capital expenditure

Question 1079:

• JAMB 2016

Impersonal account is subdivided into

A. Real and nominal accounts
B. Nominal and personal accounts
C. Real and current accounts
D. Personal and real accounts

Question 1080:

• JAMB 2016

Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

A. #36,902
B. #27,502
C. #12,498
D. #43,098