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

Question 11 :

• JAMB 2000

One of the advantage of the shortcomings of single entry procedures is that?

A. A trial balance is not available
B. Profits are overestimated
C. There are no subsidiary books
D. There are no control accounts

Question 12 :

• JAMB 2000

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

A. Sales income
B. Receipt from debtors
C. Fixtures and fittings
D. Rent paid

Question 13 :

• JAMB 2001

Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?

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

Question 14 :

• JAMB 2002

In an incomplete record, the preparation of the bank reconciliation ensures that?

A. All cash taking are banked
B. The cash book is correct
C. There are no overdrafts
D. There are no hidden loans

Question 15 :

• JAMB 2002

keeping records under the single entry system has the advantage of?

A. Quality in terms of records
B. Completeness in terms of records
C. Accuracy in terms of operation
D. Simplicity in terms of operation