Jamb Accounting Past Questions For Year 2003

Question 21

Given:

Capital ...........N1000

Liabilities........N500

Assets.............N1500

The accounting equation can be expressed as?

jamb 2003

• A. N1000 + N500 + N1500 = N3000
• B. N1000 - N500 + N1500 = N2000
• C. N1000 + N500 = N1500
• D. N1500 + N500 = N2000

Question 22

The recording phase of accounting is known as?

jamb 2003

• A. bookkeeping
• B. trial balancing
• C. ledger accounting
• D. final accounting

Question 23

The transaction that completes its double entry in the same ledger account appears in?

jamb 2003

• A. cash account and personal account
• B. bank account and general ledger
• C. discount received and discount allowed
• D. cash account and bank accont

Question 24

The stock valuation data is important because it enables management to?

jamb 2003

• A. separate debtors from creditors
• B. determine the cost of stock at the end of business
• C. determine the cost of stock at the beginning of business
• D. determine the total cost of goods purchased

Question 25

Advertising expenses incurred on a product in a business organization should be charged to?

jamb 2003

• A. production department
• B. sales department
• C. administration department
• D. purchases department