Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 106:

• JAMB 1997

Given:
Net profit-----------------------N25,000
Cost of sale---------------------N25,000
Sales----------------------------N85,000
Determine the total expenses.

A. N45,000
B. N35,000
C. N25,000
D. N15,000

Question 107:

• JAMB 1997

Given: capital N13,000; office machinery, N9,000; creditors N900, stock of goods N1,550; debtors, N275; cash at bank, N5,075 and loan from Jumbo, N2,000. What is the balance sheet total?

A. N19,500
B. N18,500
C. N17,900
D. N15,900

Question 108:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A. Debit rent account and credited adjustment account
B. Debit prepayment account and credit rent account
C. Debit rent account and credit prepayment account
D. Debit adjustment account and credit prepayment account

Question 109:

• JAMB 1997

The records of wages due but not yet paid is an example of an adjustment for

A. Apportionment of revenue between two periods
B. Recognizing accrued expenses
C. Recognizing unaccounted revenue
D. Recognizing prepaid expenses

Question 110:

• JAMB 1997

The process of allocating the cost of an intangible assets over its useful life is known as

A. Depreciation
B. Extraction
C. Depletion
D. Amortization