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Accounts - Principles of Accounts Past Questions

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2206
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
  • A. N2 100
  • B. N 200
  • C. N 1 900
  • D. N 100
View Answer & Discuss JAMB 1997
2207
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined

II. The capital of the business can be calculated easily

III. Easy knowledge of the sources of funding

IV. Encouragement of healthy rivalry among the various departments
  • A. I and IV only
  • B. II and III only
  • C. II and IV only
  • D. III and IV only
View Answer & Discuss JAMB 1997
2208
Public sector accounting is based on
  • A. cash
  • B. accrual
  • C. budget
  • D. consolidated fund
View Answer & Discuss (1) JAMB 1997
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2209
The end result of governmental accounting procedure is to
  • A. keep proper records of government expenditures
  • B. give financial information to the public and investors
  • C. produce timely and accurate financial reports for legislators and the public
  • D. give information on the performance of public enterprises
View Answer & Discuss JAMB 1997
2210
Appropriation Account

Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
  • A. N 9,300
  • B. N 6,600
  • C. N4,850
  • D. N 4,450
View Answer & Discuss JAMB 1999
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