Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1311:

• JAMB 2019

In the preparation of account, the owners of the business and the business concerned are treated as:

A. Partners
B. Joint venture
C. The same person
D. Separate legal entities

Question 1312:

• JAMB 2019

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each

A. 330
B. 420
C. 230
D. 320

Question 1313:

• JAMB 2021

The principle of double entry system ensures

A. Balances at the bank
B. Increase in the assets and liabilities
C. Balance of cashbook
D. Mathematical accuracy in trial balance

Question 1314:

• JAMB 2021

The interest on partner's loan is

A. Credited in current account
B. Debited in profit and loss account
C. Credited in profit and loss account
D. Debited in current account

Question 1315:

• JAMB 2021

Which of the following is a debit item in the purchase ledger control account?

A. Balance b/d
B. Cheque dishonoured
C. Balance c/d
D. Purchases