Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 391:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

A. N9700
B. N8700
C. N7900
D. N7800

Question 392:

• JAMB 2003

Verifiability in accounting is only possible when there are?

A. Minutes of meetings
B. Payment vouchers
C. Source documents
D. Audit certificates

Question 393:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?

A. N5000
B. N1900
C. N1000
D. N950

Question 394:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?

A. Cash and credit bank
B. Bank and credit cash
C. Cash and credit cash
D. Bank and credit bank

Question 395:

• JAMB 2003

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

A. Realization concept
B. Substance over form
C. Conservatism
D. Measurement concept