Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1161:

• JAMB 2018

In the head office ledger, the value of goods sent to the branch are____________

A. Debited to the branch current account
B. Debited to the head office current account
C. Credited to the head office current account
D. Credited to the branch current account

Question 1162:

• JAMB 2018

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

A. Cash account
B. Purchase account
C. Goodwill account
D. Sales account

Question 1163:

• JAMB 2018

Gross profit in the branch adjustment account is transferred to the branch____________

A. Income and expenditure account
B. Profit and loss account
C. Receipt and payment account
D. Trading account

Question 1164:

• JAMB 2018

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

A. 1 : 1
B. 3 : 6
C. 2 : 1
D. 2 : 6

Question 1165:

• JAMB 2018

Calls in advance are treated in the balance sheet as_______

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