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Accounts - Principles of Accounts 2001 JAMB Past Questions

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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
View Answer & Discuss (1) JAMB 2001
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
View Answer & Discuss JAMB 2001
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
View Answer & Discuss (1) JAMB 2001
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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
View Answer & Discuss JAMB 2001
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
View Answer & Discuss (2) JAMB 2001
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