Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 126:

• JAMB 1997

The difference between a trading account and a manufacturing account is that while the manufacturing account

A. Has no particular period, the trading account has
B. Does not consider the cost of goods involved, the trading account does
C. Is concerned with the cost of production, the trading account is not
D. Is not concerned with the stock of raw materials the rading account is

Question 127:

• JAMB 1997

An income and expenditure account is a summary of

A. All income and expenditure during a period
B. Revenue income and expenditure during a period
C. Receipts and payments during a period
D. The trading income a period

Question 128:

• JAMB 1997

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is

A. N 15 050
B. N 14 550
C. N14 300
D. N 13 400

Question 129:

• JAMB 1997

Accumulated fund on 1st January 1993 is

A. N 8 570
B. N8 470
C. N 850
D. N7 520

Question 130:

• JAMB 1997

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A. Borne by all the partners
B. Borne by the insolvent partner
C. Written off
D. Borne by the solvent partners