2009
JAMB Accounting Past Questions & Answers - page 1

Which of the following branches of accounting was first developed?

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

The process of bookkeeping includes records produced from?

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

Given:

Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000

What is the total debit for the trial balance?

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

Use the information to answer below to answer questions 7 and 8.

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

What are the current liabilities?

Find the fixed assets?

Use the information above to answer question 9 and 10.

Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780

Period 2:
........Petty cashier pays out............N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?

What is the balance of cash with the petty cashier at the end of period 1?