Principle of Accounts 2019 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.

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
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