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Accounts - Principles of Accounts 2003 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1
Which of the following is used to update the cash book in bank reconciliation?
  • A. Interest received and unpresented cheques
  • B. Commission and debit note
  • C. Unpresented cheques and direct credit
  • D. Interest received and direct credit
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2
The two legally recognized professional accounting bodies in Nigeria are the?
  • A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
  • B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
  • C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
  • D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
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3
Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?
  • A. N9700
  • B. N8700
  • C. N7900
  • D. N7800
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4
Verifiability in accounting is only possible when there are?
  • A. minutes of meetings
  • B. payment vouchers
  • C. source documents
  • D. audit certificates
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5
Use the information below to answer question.

Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
  • A. N5000
  • B. N1900
  • C. N1000
  • D. N950
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