Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1116:

• JAMB 2017

one of the options below is not the source of income for non- profit organization

A. Entrance fees
B. Subscription/dues
C. Odrinary shares
D. Donations

Question 1117:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)
Determine the net profit

A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦1,400

Question 1118:

• JAMB 2017

Salaries in arrears is treated in the balance sheet as a

A. Current asset
B. Current liability
C. Fixed asset
D. Long term liability

Question 1119:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)
Determine the amount of goodwill

A. ₦110 000
B. ₦ 80 000
C. ₦ 90 000
D. ₦ 30 000

Question 1120:

• JAMB 2017

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

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