Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 311:

• JAMB 2001

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
How much is owed to suppliers?

A. N50,000
B. N40,000
C. N30,000
D. 20,000

Question 312:

• JAMB 2001

Lubricating oil and spare parts of machinery are examples of?

A. Direct materials
B. Indirect materials
C. Indirect expenses
D. Direct expenses

Question 313:

• JAMB 2001

Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?

A. Current asset
B. Current liability
C. Fixed asset
D. Capital

Question 314:

• JAMB 2001

Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?

A. N36,000
B. N34,000
C. N30,000
D. N20,000

Question 315:

• JAMB 2001

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

A. N24,000
B. N22,000
C. N14,000
D. 8,000
E. NO OPTION INDICATED