Jamb Accounting Past Questions For Year 2002
Question 21
keeping records under the single entry system has the advantage of?
- A. quality in terms of records
- B. completeness in terms of records
- C. accuracy in terms of operation
- D. simplicity in terms of operation
Question 22
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
- A. draw up the statement of affairs
- B. draw up a T-account to establish the amount
- C. compare the journal entries with the cash book
- D. cross-check the cash book for further information
Question 23
In an incomplete record system a trading account cannot be prepared until the?
- A. day book has been balanced
- B. amount of personal drawings has been established
- C. cash book has been balanced
- D. amount os sales and purchases has been established
Question 24
In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?
- A. fund accounting
- B. commitment accounting
- C. cash accounting
- D. accrual accounting
Question 25
Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?
- A. used to pay all taxes due to government
- B. used to start a new partnership business by members who are willing
- C. shared equally by the existing partners
- D. used in paying the debts and liabilities of the firm to persons who are not partners
