Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1106:

• JAMB 2017

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

A. Unpresented
B. Dividend
C. Uncredited cheque
D. Credit transfer

Question 1107:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?

A. ₦4,350
B. ₦6,000
C. ₦5,150
D. ₦4,000

Question 1108:

• JAMB 2017

Which fund is used to meet unforeseen or urgent expenditure

A. General reserve fund
B. Consolidated Reserve Fund
C. Contingencies fund
D. Special fund

Question 1109:

• JAMB 2017

In the period of rising prices, which method of stock valuation is most appropriate?

A. Last in First Out
B. Weighted average
C. First in First Out
D. Simple average

Question 1110:

• JAMB 2017

Which of these is the subsidiary book for return inwards?

A. Sales day book
B. Sales return journal
C. Purchases day journal
D. Cash book