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Accounts - Principles of Accounts 2016 JAMB Past Questions

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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
View Answer & Discuss JAMB 2016
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

  • A. #45,000
  • B. #39, 000
  • C. #35,000
  • D. #46,000
View Answer & Discuss (1) JAMB 2016
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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?
  • A. #10,500
  • B. #13,500
  • C. #13,890
  • D. #9,500
View Answer & Discuss JAMB 2016
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