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.

1. Transactions are recorded or posted to the ledger in line with

    • A. Accounting Concept
    • B. Source document
    • C. Double Entry Principle
    • D. Data collection
 

2. Show how the following transaction will be recorded applying the double entry principle:

Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

  • A. Dr Rent A/c; Dr Bank A/c
  • B. Dr Bank A/c; Cr Rent A/c
  • C. Dr Rent A/c; Cr Bank A/c
  • D. Dr Rent A/c; Cr Mr. Ro

3. A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

  • A. Double entry system
  • B. Ledger
  • C. Cash Book
  • D. Petty Cash Book

4. The advantage of double entry is that

  • A. it is easy to prepare the final account
  • B. it increase assets
  • C. has cash and bank column
  • D. It disburses cash

5. Accounts can be classified into

  • A. cash and credit transactions
  • B. cash and credit accounts
  • C. personal and private account
  • D. personal and impersonal account

6. Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

  • A. Tosanwumi International, credit purchase Account
  • B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
  • C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
  • D. Tosanwumi International ₦150,000, credit credit Account ₦150,000
 

7. If only wages is shown on the trial balance, it should be charged to the

  • A. profit and loss account
  • B. trading account
  • C. balance sheet
  • D. wages account
 

8.

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19×8

 
Sales
less: cost of goods sold
 233,000
170,000
  63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses

16,800
15,000
6,200



 
Net profit 25,000

What is the Gross Profit on percentage of sale?

  • A. 2.7%
  • B. 0.27%
  • C. 27.0%
  • D. 29.8%

9. Calculate the net profit on percentage of expenses.

  • A. 60%
  • B. 25%
  • C. 13%
  • D. 65.7%

10. 

Mr Ojo gives you the following information on 31st July 2017
Opening Stock         7,000
Closing Stock          12,000
Purchases                60,000
Expenses                  4,500
Uniform margin of 33 1/3 %
You are required to calculate the sales

  • A. #55,000
  • B. #82,500
  • C. #27,500
  • D. #50,000
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