Principle of Accounts 2018 Past Questions | JAMB

Study the following Principle of Accounts past questions and answers for JAMBWAEC  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                                       9,000Stock  40,000
 Debtors  6,000
Accrued wages                             5,000Cash  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                                               32,000Sales                48,000     
Purchases                           40,000Less 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                                               32,000Sales                48,000     
Purchases                           40,000Less 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
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