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Jamb Past Question For Principle of Account 2016

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1. An organization which has records of only personal accounts is said to be operating on the basis of

 
 
 
 

2. The ratio that gives the indication of the efficiency of a firm’s sales with respect to cost of goods sold is a

 
 
 
 

3. The records of Superstores shows a loan of ₦14,000 from Bala, creditor ₦8,000, and assets ₦190, 500.

What is the firms capital?

 
 
 
 

4. The documents that provide instant information to firms on their transactions with banks are

 
 
 
 

5. An item in the balance sheet of a limited liability company is

 
 
 
 

6. The instrument used in analysis and interpretation of financial statement is the

 
 
 
 

7.

 
Bank charges 2,970
Bank charges 220
Unpresented cheques 3,950
Uncredited cheques  4,178
Direct debit by bank 1,000

Calculate the adjusted cashbook balance.

 
 
 
 

8. A receipt is an evidence of

 
 
 
 

9.

Departments K   Y
   
Opening Stock 2,500   800
Purchases 120,000   100,000
Sales 180,000   200,000
Salary 8,000   30,000
Closing stock 3,000   1,500

Rate expenses of 1, 500 are apportioned in the ratio 1:2.

The gross profit for K is

 
 
 
 

10.

Given
Drawings 3,500
Net loss 2,500
Capital 1.1.2007 35,000
Additional capital 10,000

The adjusted capital as at 31/12/2007 is

 
 
 
 

11.

   
Balance as per cash book   2,970
Bank Charges   220
Unpresented cheques   3,950
Uncredited cheque   4,178
Direct debit by bank   1,000

Determine the balance as per bank statement.

 
 
 
 

12. A proprietor started business with ₦13,000 Assets and liabilities at the end of the year: fixed assets ₦8,000, stock ₦2,600, debtors ₦1,000, cash ₦3,000 and creditors ₦1,000.

Determine the profit for the year?

 
 
 
 

13. Which of the following is the capital reserve of a company

 
 
 
 

14. One of the objectives of accounting is that it can be used for

 
 
 
 

15. The effect of overstating revenue expenditure in the profit and loss account is that the

 
 
 
 

16. Which of the following condition would attract credit and debit notes to be used?

 
 
 
 

17. Badge Plc issued 450, 000 ordinary shares of 50K each at ₦1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

Determine the amount received on final call.

 
 
 
 

18. The major advantage of the journal proper is that it

 
 
 
 

19. Turaki Youth Club lncome and Expenditure for the year ended 31/12/04

   
Bal. b/d 390 Expenses on cleaning 300
Sales of tickets 4,000 New tool 510
Donations 3,000 Electricity 350
Subscriptions 6,500    

What is the total income for the period?

 
 
 
 

20. When goods are sent to the branch at cost plus mark- up. it means that the branch should sell at

 
 
 
 

Question 1 of 20

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