2001 JAMB Accounts Past Questions & Answers - page 1

1

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

A

increased financial activities

B

government intervention

C

credit as a factor in business

D

payment for goods in cash

↪ Solution

Correct Option: A

No further explanations yet...

2

Cost accounting entails the provision of information?

A

for investment purposes

B

for descision making

C

to shareholders

D

to stockholders

↪ Solution

Correct Option: B

No further explanations yet...

3

The main objective of accounting report is to provide information about?

A

a company's shareholding

B

an entity's management

C

the efficacy of assets

D

a company's economic resources

↪ Solution

Correct Option: B

No further explanations yet...

4

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

A

N2,241

B

N2,214

C

N2,141

D

N2,114

↪ Solution

Correct Option: C

No further explanations yet...

5

Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

What is the cash balance?

A

N12,095

B

N12,590

C

N12,905

D

N12,950

↪ Solution

Correct Option: D

No further explanations yet...

6

Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

Determine the total of the trial balance?

A

N335,050

B

N333,050

C

N323,050

D

N230,550

↪ Solution

Correct Option: B

No further explanations yet...

7

The accuracy of journalist is checked by?

A

ensuring that debit totals equal credit totals

B

posting all journal entries to ledger accounts

C

adding all figures in the debit column

D

comparing accounts in the ledger against the journals

↪ Solution

Correct Option: D

No further explanations yet...

8

Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A

N250

B

N570

C

N600

D

N850

↪ Solution

Correct Option: C

No further explanations yet...

9

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

A

N17,800

B

N19,600

C

N29,200

D

N32,800

↪ Solution

Correct Option: D

No further explanations yet...

10

In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?

A

N360

B

N355

C

N350

D

N305

↪ Solution

Correct Option: A

No further explanations yet...

2001 JAMB Accounts Past Questions & Answers - page 1

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Junior WAEC (BECE)

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