Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 366:

• JAMB 2002

Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?

A. N8500 profit
B. N2000 loss
C. N2000 profit
D. N8500 loss

Question 367:

• JAMB 2002

In a control account, discount received is found on the?

A. Debit side of the purchase ledger control account
B. Debit side of the sales ledger control account
C. Credit side of the purchase ledger control account
D. Credit side of the sales ledger control account

Question 368:

• JAMB 2002

In an incomplete record system a trading account cannot be prepared until the?

A. Day book has been balanced
B. Amount of personal drawings has been established
C. Cash book has been balanced
D. Amount os sales and purchases has been established

Question 369:

• JAMB 2002

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

A. Draw up the statement of affairs
B. Draw up a T-account to establish the amount
C. Compare the journal entries with the cash book
D. Cross-check the cash book for further information

Question 370:

• JAMB 2002

keeping records under the single entry system has the advantage of?

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