Principle of Accounts 2019 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.
31.
Use the question to answer this question:
| Opening stock | ₦ |
| Department A B | 100 800 |
| Purchases: A B Wages of workers Salaries | 1500 2000 50 100 |
| Sales A B | 3000 5000 |
Expenses are to be shared in the ratio of sales.
The net profit for departmental A is
- A. 1880
- B. 1600
- C. 880
- D. 425
32. Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is
- A. realisation concept
- B. entity concept
- C. going concern concept
- D. matching concept
33. The two recognised accounting bases are
- A. cash and credit
- B. personal and impersonal
- C. Accrual and Cash
- D. Drawings and Private
34. Given:
Additional capital Capital Closing capital Net profit | ₦ 4000 8000 12000 1500 |
The drawings for the period stand at
- A. 1500
- B. 3000
- C. 12,000
- D. 10,500
35. The importance of bank statement is all except
- A. verifies the accuracy of balances of cash book and cheque book
- B. helps to detect and rectify any error
- C. helps to debit an account
- D. helps to update the cash book
36. Accounting standards are issued at the International level by the
- A. Standards Advisory Council
- B. International Accounting Standards Board
- C. Nigerian Accounting Standards Board
- D. Standing Interpretations Committee
37. The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is
- A. FIFO
- B. LIFO
- C. SAP
- D. WAP
38. One of these is not a similarity between Joint Venture and Partnership.
- A. AIM is profit making
- B. It is for a specific venture
- C. Involves two people
- D. have rights and duties
39. Majority of commercial transactions are termed credit transactions, which means
- A. The buyers pay immediately for goods bought
- B. Settlement is deferred to a future date
- C. No account will be opened
- D. Item of expenditure increases
40. Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
- A. Increase in assets of motor vehicle account
- B. Decrease in assets of motor vehicle account
- C. Increase in assets of bank account
- D. Increase in liabilities of bank account