1994 JAMB UTME Accounts Past Questions

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1994

Given;Purchases = ₦20,000 Sales = ₦40,000 Carriage inwards = ₦5,000 Carriage outwards = ₦5,000 Opening stock = ₦10,000 Closing stock = ₦5,000What is the cost of goods sold?

1994

The financial position of an organization at a particular time can be ascertained from the

1994

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

1994

When is a petty cash account debited?

1994

The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

1994

The suspense account is used to correct book-keeping error where the

1994

The use of the folio in the ledger is for

1994

Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

1994

What is the cardinal rule of the double entry system?

1994

When a business incurs labour cost in installing a fixed asset, the cost is treated as

1994

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

1994

Accounting information is used by investors and creditors of a company to predict

1994

The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed

1994

1994 JAMB UTME Accounts Past Questions

Given;Purchases = ₦20,000 Sales = ₦40,000 Carriage inwards = ₦5,000 Carriage outwards = ₦5,000 Opening stock = ₦10,000 Closing stock = ₦5,000What is the cost of goods sold?

The financial position of an organization at a particular time can be ascertained from the

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

When is a petty cash account debited?

The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

The suspense account is used to correct book-keeping error where the

The use of the folio in the ledger is for

Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

What is the cardinal rule of the double entry system?

When a business incurs labour cost in installing a fixed asset, the cost is treated as

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

Accounting information is used by investors and creditors of a company to predict

The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

The term "accounting period" is used to refer to the