Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 326:

• JAMB 2001

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?

A. N37,500
B. N62,500
C. N87,500
D. N100,000

Question 327:

• JAMB 2001

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

A. Creditors
B. Debtors
C. Stock
D. Suspense

Question 328:

• JAMB 2001

To account for expenses paid by head office on behalf of the branch, the branch should?

A. Debit head office account and credit cash
B. Debit profit and loss account and credit headoffice account
C. Credit cash and debit profitand loss account
D. Credit profit and loss account and debit head office account

Question 329:

• JAMB 2001

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

A. Debit cash and credit branch current account
B. Debit branch, current account and credit cash
C. Credit branch, debtors and debit cash
D. Credit branch current account and debit branch debtors

Question 330:

• JAMB 2001

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

A. Acountant General
B. Auditor General
C. Finance Minister
D. Permanent Secretary