Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1166:

• JAMB 2018

Why are adjustments in the profit and loss account necessary?

A. To cover some expenses of the following year
B. To show the provisions made during the year
C. To show the total expenses paid and income received during the year
D. To ascertain the actual expenses incurred and income earned during the year

Question 1167:

• JAMB 2018

Which of the following is not a type of branch?

A. Dependent branch
B. Foreign branch
C. Independent branch
D. Single branch

Question 1168:

• JAMB 2018

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

A. Debit entry
B. Contra entry
C. Credit entry
D. Reversal entry

Question 1169:

• JAMB 2018

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

A. Partners salaries
B. Interest on capital
C. Interest on loans
D. Partners drawings

Question 1170:

• JAMB 2018

Use the information below to answer the question

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

If at 31/1/95 the following information was ascertained;
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

If at 31/1/95 the following information was ascertained;
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

What is the balance on its cash account as at 31/1/95

A. #22,800
B. #9,200
C. #800
D. #21,200