Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 291:

• JAMB 2001

The main objective of accounting report is to provide information about?

A. A company's shareholding
B. An entity's management
C. The efficacy of assets
D. A company's economic resources

Question 292:

• JAMB 2001

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

A. N2,241
B. N2,214
C. N2,141
D. N2,114

Question 293:

• JAMB 2001

Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
What is the cash balance?

A. N12,095
B. N12,590
C. N12,905
D. N12,950

Question 294:

• JAMB 2001

Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
Determine the total of the trial balance?

A. N335,050
B. N333,050
C. N323,050
D. N230,550

Question 295:

• JAMB 2001

The accuracy of journalist is checked by?

A. Ensuring that debit totals equal credit totals
B. Posting all journal entries to ledger accounts
C. Adding all figures in the debit column
D. Comparing accounts in the ledger against the journals