Jamb Accounting Past Questions For Year 2003

Question 11

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.

Compute the amount withdrawn

jamb 2003

• A. N2000
• B. N1500
• C. N1250
• D. N1000

Question 12

The two legally recognized professional accounting bodies in Nigeria are the?

jamb 2003

• 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

Question 13

Which of the following is used to update the cash book in bank reconciliation?

jamb 2003

• A. Interest received and unpresented cheques
• B. Commission and debit note
• C. Unpresented cheques and direct credit
• D. Interest received and direct credit

Question 14

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

jamb 2003

• A. Realization concept
• B. Substance over form
• C. Conservatism
• D. Measurement concept

Question 15

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 transaction would be recorded in the cash book as debit?

jamb 2003

• A. cash and credit bank
• B. bank and credit cash
• C. cash and credit cash
• D. bank and credit bank