Accounting equation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2009

Which of the following items are current assets?

A. Stock, bills receivable, cash and debtors
B. Stock, bill payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable

Question 22:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?

A. Iii and v
B. Ii and iii
C. Iv and v
D. I and ii

Question 23:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?

A. Iii and v
B. Ii and i
C. Iv and v
D. I and iv

Question 24:

• JAMB 2012

Which of the following is an item of special assets?

A. Fixed assets
B. Current assets
C. Trademark
D. Gratuity

Question 25:

• JAMB 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital

A. #10,000
B. #42,000
C. #45,000
D. #52,000