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.

11. In the head office ledger, the value of goods sent to the branch are____________

  • A. Debited to the branch current account
  • B. Debited to the head office current account
  • C. Credited to the head office current account
  • D. Credited to the branch current account

12. If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

  • A. Cash account
  • B. purchase account
  • C. goodwill account
  • D. sales account
 

13. Gross profit in the branch adjustment account is transferred to the branch____________

  • A. Income and expenditure account
  • B. profit and loss account
  • C. receipt and payment account
  • D. trading account

14.  Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

  • A. 1 : 1
  • B. 3 : 6
  • C. 2 : 1
  • D. 2 : 6

15. Calls in advance are treated in the balance sheet as_______

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

16. Why are adjustments in the profit and loss account necessary?

  • A. To cover some expenses of the following year
  • B. To show the provisions made during the year
  • C. To show the total expenses paid and income received during the year
  • D. To ascertain the actual expenses incurred and income earned during the year

17. Which of the following is not a type of branch?

  • A. Dependent branch
  • B. foreign branch
  • C. independent branch
  • D. single branch
 

18. In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

  • A. Debit entry
  • A. Contra entry
  • C. Credit entry
  • D. Reversal entry

19. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

  • A. Partners salaries
  • B. Interest on capital
  • C. Interest on loans
  • D. Partners drawings

20. 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

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

  What is the balance on its cash account as at 31/1/95

  • A. #22,800
  • B. #9,200
  • C. #800
  • D. #21,200
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