Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1381:

• JAMB 2020

Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
What is the net working capital?

A. ₦1800
B. ₦800
C. ₦2600
D. ₦600

Question 1382:

• JAMB 2020

A major cause of discrepancy between the bank statement and the cashbook that overstates the bank statement balance is the

A. Commission paid
B. Interest received
C. Direct withdrawal
D. Direct payment

Question 1383:

• JAMB 2020

The major feature of a journal is that it has

A. Five columns, date, particulars, folio, debit and credit
B. Three columns, date, particulars, folio and amount
C. Six columns, date. particulars, folio, amount debit and credit
D. Four columns, date, particulars, folio and amount

Question 1384:

• JAMB 2020

In the head office ledger, the value of goods sent to the branch are

A. Debited to the branch current account
B. Debited to the head office current account
C. Credited to the head office current account
D. Credited to the branch current account

Question 1385:

• JAMB 2020

Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

The yearly depreciation using the straight-line method would be

A. ₦5200
B. ₦800
C. ₦6500
D. ₦4400