Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1291:

• JAMB 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A. 20%
B. 5%
C. 10%
D. 15%

Question 1292:

• JAMB 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

A. Capital
B. Capital employed
C. Capital owned
D. Accumulated funds

Question 1293:

• JAMB 2019

The similarities between Receipts and payments and income and expenditure account is

A. Both accounts follows the principle of double entry
B. They are summaries of financial statements
C. Both include capital items
D. Both are prepared by non-profit making concern

Question 1294:

• JAMB 2019

Given:

EquipmentMotor VehicleLoanCreditorsSub in advanceSub in arrears

₦10,00015,0004,5003,0001503500

What is the accumulated fund?

A. ₦14,150
B. ₦20,850
C. ₦21,850
D. ₦14,200

Question 1295:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What us the amount of purchase

A. ₦11,970
B. ₦11,000
C. ₦1,250
D. ₦12,053