Jamb Accounting Past Questions For Year 2015
Question 21
Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities
- A. N11, 700
- B. N26, 700
- C. N88, 000
- D. N85, 000
Question 22
If a trail balance is in agreement, one of the statement is untrue
- A. the accounting system is error free
- B. equal debit entries and credit entries were recorded for each transaction
- C. the debit and credit from the journal were posted to the accounts
- D. account balances were correctly computed
Question 23
Which of the following cannot be realized?
- A. creditors
- B. debtors
- C. motor vehicles
- D. goodwill
Question 24
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------
- A. financial accounting
- B. accounting policies
- C. cost accounting
- D. accounting conventions
Question 25
The loss made by a non profit making organization is called
- A. deficit
- B. surplus
- C. discount
- D. shortage
