2016 - JAMB Accounting Past Questions and Answers - page 2
11
The effect of overstating revenue expenditure in the profit and loss account is that the
A
opening stock will be increased
B
net profit will be understand
C
net profit will be overstead
D
opening stock will be decreased
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12
Which of the following condition would attract credit and debit notes to be used?
A
When goods are received from supplier
B
When a trial balance is extracted
C
When a buyer is under or over charged
D
When goods are sold to a buyer
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13
Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is
A
#45,000
B
#39, 000
C
#35,000
D
#46,000
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14
A receipt is an evidence of
A
payments
B
stocking
C
delivery
D
discounts
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15
Turaki Youth Club Income and Expenditure for the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?
A
#10,500
B
#13,500
C
#13,890
D
#9,500
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16
An organization which has records of only personal accounts is said to be operating on the basis of
A
single entry
B
real accounts
C
nominal accounts
D
double entry
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17
A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?
A
#2,400
B
#3,000
C
#9,800
D
#1,400
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18
Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.
A
#225,000
B
#236,250
C
#247,500
D
#202,500
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19
When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at
A
a price above or below the stipulated price
B
any price but not below the transfer price
C
cost price
D
a price that is equal to the mark-up
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20
The income and expenditure account differs from receipts and payments account because it
A
accounts for notional charges
B
records transactions that relate to the period on cash basis
C
records transactions that relate to the period on accrual basis
D
accounts for balance of cash at bank
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