Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1306:

• JAMB 2019

The objective of departmentalization is to

A. Ensure that departmental managers are adequately monitored
B. Record transactions for each department for better documentation
C. Tackle any recording problem as a result of expansion
D. Evaluate the profit of different departments

Question 1307:

• JAMB 2019

Discount received is apportioned to each department on the basis of

A. Floor area
B. Turnover
C. Purchases
D. Horse power

Question 1308:

• JAMB 2019

Given:

Fixed assetsLiabilitiesCurrent assets

₦55,00020,00013,000

What is the capital?

A. ₦88,000
B. ₦48,000
C. ₦62,000
D. ₦55,000

Question 1309:

• JAMB 2019

One of the limitations of accounting is that

A. It ascertain financial position
B. It prevent fraud
C. Transactions are recorded in monetary terms
D. It monitor the progress of the enterprise

Question 1310:

• JAMB 2019

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

A. ₦165,000
B. ₦635,000
C. ₦600,000
D. ₦156,000