Jamb Accounting Past Questions For Year 2006
Question 11
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?
- A. deited by N100
- B. credited by N100
- C. credited by N1000
- D. deited by N1000
Question 12
The difference in the sales ledger control account is transferred to the?
- A. profit and loss account
- B. sales account
- C. balance sheet
- D. trading account
Question 13
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
Determine the current assets?
- A. N7 000
- B. N6 000
- C. N8 000
- D. N9 000
Question 14
Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?
- A. N95 00
- B. N12 500
- C. 11 500
- D. 10 00
Question 15
A private company is different from a public company because?
- A. it does not restrict the right to transferits shares
- B. it cannot invite members of the public to subscribe for its shares
- C. its shares are owned by one person
- D. it can only offer its shares to members of the publicfor subscription
