2017 JAMB Accounts Past Questions & Answers - page 1

Correct Option: D

Solution Realization account: the cash realized from sales of asset is credited to it

Correct Option: B

Solution Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public

Correct Option: B

Solution Appropriation account is the account into which the net profit found in the profit and loss account of the partner will be carried down to and will be shared according to their sharing ratio

Correct Option: D

Solution profit and loss account: the depreciation of the office machine is considered as part of administrative expense which must be charged against the profit of the company

Correct Option: D

Solution Purchases control account it is also called total creditor control account
I,II & IV : some of the items that appear on the credit side of purchases ledger are cash refund to supplier, dishonored cheque by banks and credit purchases

Correct Option: C

Solution Uncredited cheque: This have to be deducted when starting balance as per cash book

Correct Option: B

Solution contingencies fund: if there is an urgent and unforeseen need for expenditure for which no other provision exist, such expenses shall be deducted from the contingencies fund

Correct Option: A

Solution Last in first out:when price rise it results to lower bet income because the leftover inventory might be extremely old and perhaps obsolete

Correct Option: B

Solution Sales return journal otherwise called return inward book is meant for recording of all good returned by customer

Correct Option: B

Solution contra entry is used to offset amount or same transaction against another on both side of the cashbook