Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 386:

• JAMB 2002

Miscellaneous expense is 10% of revenue Calculate the net income.

A. N583,000
B. N563,000
C. N483,000
D. N581,000

Question 387:

• JAMB 2002

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

A. N11500
B. N12000
C. N13000
D. N13500

Question 388:

• JAMB 2003

Which of the following is used to update the cash book in bank reconciliation?

A. Interest received and unpresented cheques
B. Commission and debit note
C. Unpresented cheques and direct credit
D. Interest received and direct credit

Question 389:

• JAMB 2003

Which of the following is used to update the cash book in bank reconciliation?

A. Interest received and unpresented cheques
B. Commission and debit note
C. Unpresented cheques and direct credit
D. Interest received and direct credit

Question 390:

• JAMB 2003

The two legally recognized professional accounting bodies in Nigeria are the?

A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria