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.
41. A proprietor withdraws cash from the business for private use, he
- A. credits cash account and debits bank account
- B. credits cash account and debits drawing A/C
- C. debits cash account and credits drawings account
- D. debits bank account and credits drawings account
42. The rules of double entry states that
- A. for every debit entry, there must be a corresponding debit entry
- B. for every credit entry, there must be a corresponding credit entry
- C. all transactions must be recorded in two accounts, one account is debited and another is credited
- D. all transaction must be credited
43. The difference between double entry and single entry is
- A. double entry is based on the dual concept while single entry is not based on dual concept
- B. double entry is an account while single entry is not an account
- C. double entry keeps personal account while single does not
- D. double entry is useful for business enterprise while single entry is not
44. A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson’s book is
- A. Debit rent account, Credit bank account
- B. Debit Rent account, Credit Samson’s account
- C. Debit Bank account, Credit Rent account
- D. Debit Samson’s account, Credit Rent account
45. The purpose of profit and loss account is to ascertain
- A. Gross profit
- B. Capital
- C. Expenses
- D. Net profit
46. Discount received is charge to
- A. current account
- B. profit and loss
- C. trading account
- D. balance sheet
47.
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.
What was the cost of goods sold?
- A. ₦25,000
- B. ₦35,000
- C. ₦50,000
- D. ₦75,000
48.
Use the following to answer this question
Opening stock Purchases Sales Closing Stocks | ₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
- A. ₦35,000
- B. ₦75,000
- C. ₦50,000
- D. ₦25,000
49. An ordinary share of ₦100 was issued at ₦80. The share was issued at
- A. premium
- B. par
- C. discount
- D. loss
50. Shares that are offered to existing shareholders at a price is called
- A. par
- B. premium
- C. right issue
- D. bonus issue
