Incomplete Records and Single Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2004

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

A. Revenue and expenditure account
B. Receipts and payments account
C. Profit and loss apporpriation account
D. Profit and loss account

Question 22:

• JAMB 2015

Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014

A. 17,500
B. 38,200
C. 20,700
D. 27,200

Question 23:

• JAMB 2015

Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.

A. 27,150
B. 43,350
C. 16,200
D. 34,350

Question 24:

• JAMB 2015

Keeping records under single entry system has the advantage of

A. Quality in terms of records
B. Simplicity in terms of operation
C. Accuracy in terms of operation
D. Completeness in terms of records

Question 25:

• JAMB 2016

An organization which has records of only personal accounts is said to be operating on the basis of

A. Single entry
B. Real accounts
C. Nominal accounts
D. Double entry