Jamb Accounting Past Questions For Year 2005
Question 7
Given:
Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000
The total trial balance is?
- A. N110,000
- B. N65,000
- C. N55,000
- D. N45,000
Question 8
Given:
Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500
What is the capital introduced by the proprietor?
- A. N40,800
- B. N61,100
- C. N88,200
- D. N108 500
Question 9
The journal entries for the purchase of stock on credit are to debit?
- A. stock account and credit cash account
- B. stock account and credit liability account
- C. ourchase account and credit liability account
- D. suspense account and credit cash account
Question 10
The concept that has much influence over asset valuation and income determination is?
- A. entity
- B. realization
- C. conversactism
- D. matching
