Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 211:

• JAMB 1999

Receipt and payments account of a non-profit making organization is principally a summary of the?

A. Bak entries
B. Cash bok entries
C. Expenditure entries
D. Balance sheet entries

Question 212:

• JAMB 1999

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?

A. N6,150
B. N4,850
C. N4,650
D. N1,300

Question 213:

• JAMB 1999

A credit balance on a receipt and payments account indicates that the non-profit making organization?

A. Had more revenues than expenses during the period
B. Did not owe much liabilities during the period
C. Received more cash than it paid out during the period
D. Made more cash payments than it received during the period

Question 214:

• JAMB 1999

Goodwill can be valued in partnership when?

A. A partners make profits
B. Large losses are made
C. A partner retires
D. A new branch is opened

Question 215:

• JAMB 1999

As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment account?

A. N7,500
B. N9,000
C. N12,500
D. N20,000