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

Question 26:

• JAMB 2014

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be

A. #10,361
B. #10,651
C. #17,396
D. #17,848

Question 27:

• JAMB 2014

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities

A. #8,553
B. #8,263
C. #7,940
D. #1,228

Question 28:

• JAMB 2015

Which of the following is not a proper form of the accounting equation

A. Fixed assets + current assets - liabilities = capital
B. Fixed assests + current assests + liabilities = capital
C. Fixed assets – liabilities + current assets = capital
D. Fixed asset + current asset – capital = liabilities

Question 29:

• JAMB 2015

Preliminary expenses is an example of

A. Fictitious assets
B. Liquid assets
C. Wasting assets
D. Tangible assets

Question 30:

• JAMB 2016

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A. #184, 000
B. #196,500
C. #212,000
D. #168,500