Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1211:

• JAMB 2018

Balance sheet (extract)

	N
Creditors	7,940
Prepaid expenses	290
Accrual expenses	323
Stock	4,500
Cash balances	4,956
Debtors	905

Use the information in the above table to answer the question.


Determine the current liabilities.

A. N8,553
B. N8,263
C. N7,940
D. N1,228

Question 1212:

• JAMB 2018

The excess of sales over cost of goods sold is?

A. Gross sales
B. Gross profit
C. Net profit
D. Net sales

Question 1213:

• JAMB 2018

The control account is used in facilitating?

A. The various location of errors in the various accounts
B. Up to date bank transactions
C. The payment of debts and liabilities of the firm
D. Assets distribution with respect to income

Question 1214:

• JAMB 2018

The main objective of accounting report is to provide information about?

A. The efficacy of assets
B. A company's shareholding
C. Company's economic resources
D. An entity's management

Question 1215:

• JAMB 2018

	N
Direct material	2,500
Direct labour	5,000
Direct expenses	1,000
Overhead expenses	1,500

use the information contained in the table to anwser the qustion below;


from the data above, compute the prime cost.

A. N6,500
B. N 8,500
C. N6,000
D. N7,500