Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 371:

• JAMB 2002

Control accounts help to verify the arithmetic accuracy of the postings from the?

A. Subsidiary books into the trial balance
B. Ledger into the trial balance
C. Journals into the ledgers
D. Subsidiary books into the ledgers

Question 372:

• JAMB 2002

Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A. N30,000
B. N40,000
C. 50,000
D. N20,000

Question 373:

• JAMB 2002

Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?

A. N10,000m
B. N12,000m
C. N90,000m
D. N11,000m

Question 374:

• JAMB 2002

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

A. Used to pay all taxes due to government
B. Used to start a new partnership business by members who are willing
C. Shared equally by the existing partners
D. Used in paying the debts and liabilities of the firm to persons who are not partners

Question 375:

• JAMB 2002

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

A. Fund accounting
B. Commitment accounting
C. Cash accounting
D. Accrual accounting