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

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1998

When a transaction causes an assets account to increase, there is?

A. A decrease of equal amount inthe owner's equity account
B. An increase in a liability account
C. An increase of equal amonut in another assets account
D. A decrease of equal amount in a liability account

Question 3:

• JAMB 1999

Calls in advance are treated in the balance sheet as?

A. Current asset
B. Current liability
C. Fixed assets
D. Fixed liability

Question 4:

• JAMB 2000

Which of the following is an example of intangible assets?

A. Trade debtors
B. Stock of goods
C. Trade creditors
D. Motor vehicles

Question 5:

• JAMB 2001

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

A. N2,241
B. N2,214
C. N2,141
D. N2,114