Principle of Accounts 2018 Past Questions | JAMB
Study the following Principle of Accounts past questions and answers for JAMB, WAEC NECO and ICAN. Get prepared with official past questions and answers for upcoming examinations.
1.
What is the amount of capital employed?
- A. ₦7000
- B. ₦10000
- C. ₦22000
- D. ₦15000
2. Advertising expenses incurred on a product in a business organization should be charged to
- A. Sales department
- B. Production department
- C. Purchase department
- D. Administration department
3.
| N | N |
| Capital 39,000 | Land 20,000 |
| Long Term Loan 15, 000 | Building 30,000 |
| Creditors 9,000 | Stock 40,000 |
| Debtors 6,000 | |
| Accrued wages 5,000 | Cash 8, 000 |
| 68,000 | 68,000 |
Use the information above to answer the question
: The acid test ratio in the company is___________
- A. 1:1
- B. 2:3
- C. 1:2
- D. 3:2
4. When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________
- A. Price above or below the stipulated price
- B. Any price but not below the transfer price
- C. Cost price
- D. A price that is equal to the mark up
5. The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________
- A. Accountant general
- B. Finance minister
- C. Auditor general
- D. Permanent secretary.
6. Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
- A. #20,500
- B. #23,000
- C. #28,000
- D. #27,000
7.
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
- A. #61,000
- B. #62,000
- C. #58,000
- D. #57,000
8. The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
- A. Call in advance
- B. call in arrears
- C. forfeiture
- D. shares
9. When goodwill is not retained in the business, the entries in the new partners books will be to debit______________
- A. Goodwill account and credit partners capital account
- B. Cash account and credit goodwill account
- C. Goodwill account and credit cash account
- D. Partners capital account and credit goodwill account
10. Use the information below to answer the question
| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500
- A. #40,000
- B. #41,500
- C. #41,700
- D. 48,500
