Accounting equation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 36:

• JAMB 2021

Use the information below to answer this question:

i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

Determine the fixed assets

A. Iii and iv
B. I and v
C. Ii and iv
D. Ii and vi

Question 37:

• JAMB 2021

Use the information below to answer this question:
i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

What are the current assets?

A. I and v
B. I and ii
C. Ii and iv
D. Iii and v