Statement of financial position (Balance sheet) - 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 2000

Which of the following items does not feature in the balance sheet of a club?

A. Arrears of current year's subscription
B. Salary arrears paid in the current year
C. Rental income received in advance
D. Advances subscription in respect of a coming year

Question 3:

• JAMB 2001

Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?

A. N8m
B. N 11M
C. N12M
D. N15M

Question 4:

• JAMB 2001

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

A. N9M
B. N11M
C. N13M
D. N16M

Question 5:

• JAMB 2004

In the balance sheet, the subscription in arrears will be?

A. N200
B. N300
C. N1,200
D. N1,300