Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 226:

• JAMB 1999

Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?

A. Debit to goods sent to branch account
B. Debit to branch stock adjustment account
C. Credit to branch adjustment account
D. Credit to branch stock adjustment account

Question 227:

• JAMB 1999

What is the correct entry in the head office books at the point of initial transfer of the goods?

A. Branch stock account would be credited with
B. Branch stock account would be debited with N12,000
C. Goods sent to branch account would be debited with N10,800
D. Goods sent to branch account would be credited with N12,000

Question 228:

• JAMB 1999

Capital and revenue expenditures of government are usually accounted for under funds which include?

A. A personal advances, technical, special trust and
B. Technical, special trusth and commercial funds
C. Personal advances, treasury clearance and special trusth funds
D. Commercial loans and treasury clearance funds

Question 229:

• JAMB 1999

Which of the following account is kept by local governments in Nigeria?

A. Balance sheet
B. Advances account
C. Debtors account
D. Profit account

Question 230:

• JAMB 1999

The conventional sources of public revenue includes?

A. Loans,taxation, foreign reserves and dividends
B. Interest, royalties, taxation and loans
C. Crude oil, interest, posted price and taxation
D. Taxtion, deficit budgeting, royalties and loans