Preparation Of Final Accounts From Incomplete Records - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 6 :

• JAMB 1995

Accumulated depreciation on the asset as at 31/12/81 was

A. N 2 487 500 .00
B. N 2 736 250 . 00
C. N 4 511 192.00
D. N 4 975 000 .00

Question 7 :

• JAMB 1997

In analyzing incomplete records, which of the following should be investigated?

A. The general ledger
B. The purchases day book and sales day book
C. The nature of trading activities and the basis on which goods are sold
D. The asset register together with the depreciation schedule

Question 8 :

• JAMB 1999

The main features of the single system are that?

A. Books of accounts are not maintained and business relies only on bank statement
B. The journal records are absent and only the main ledger is kept 7
C. There are incomplete classifications and recording procedures
D. Only credit sales transactions and credit purchase are recorded

Question 9 :

• JAMB 1999

In dealing with incomplete records, fixed assets are posted to?

A. Opening profit and loss as brought forward figures
B. Closing balance sheet as carried forward figures
C. Closing balance sheets as brought forward figures
D. Closing profit and loss as brought forward figures

Question 10 :

• JAMB 2000

The simplest form of single entry procedure consists fo keeping a?

A. Day book or general journal
B. Cash book and ledger accounts showing debtors and creditors balances
C. Cash journal, sales journal and purchases journal
D. Day book in which transactions are described in chronological order