Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1101:

• JAMB 2017

Which of these accounts is dissolution expenses credited?

A. Partners capital account
B. Revaluation account
C. Partners current account
D. Realization account

Question 1102:

• JAMB 2017

Capital for a profit making organization is generated through

A. Subscription
B. Shares
C. Donation
D. Gift

Question 1103:

• JAMB 2017

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

A. Trading account
B. Appropriation account
C. Balance sheet
D. Profit and loss account

Question 1104:

• JAMB 2017

In manufacturing account, depreciation of office machine is charged to

A. Trading account
B. Appropriation account
C. Balance street
D. Profit and loss account

Question 1105:

• JAMB 2017

Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes

A. I,II and III only
B. I and II only
C. III and IV only
D. I, III and IV only