Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1221:

• JAMB 2018

A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?

A. N14,000
B. N24,000
C. N8,000
D. N42,000

Question 1222:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


The N6,000 subscription received is?

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

Question 1223:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


what is the subscription to be charged to income and expenditure account?

A. N20,000
B. N30,000
C. N34,000
D. N36,000

Question 1224:

• JAMB 2018

A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

A. N29,200
B. N17,800
C. N32,800
D. N19,600

Question 1225:

• JAMB 2018

The current growth in the volume of trading and financial dealings in nigerian is helped by?

A. Credit as a factor in business
B. Payments for goods in cash
C. Increased financial activities
D. Government intervention