Jamb Accounts - Principles of Accounts Questions
Question 1:
An expenses is said to be revenue in nature if it
- A Adds or contributes to the operating income of the business
- B Necessitates the introduction of additional capital
- C Reduces the capital of the business
- D Adds to or improves the value of fixed assets
Question 2:
An expenses is said to be revenue in nature if it
- A Adds or contributes to the operating income of the business
- B Necessitates the introduction of additional capital
- C Reduces the capital of the business
- D Adds to or improves the value of fixed assets
Question 3:
An entry in a subsidiary book which does not form part of the double entry system is a
- A Contra entry
- B Single entry
- C Journal entry
- D Memorandum entry
Question 4:
Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000
- A N16,000
- B N17,000
- C N13,000
- D N14,000
Question 5:
Which method of pricing can be used satisfactorily in either rising or falling price situation?
- A Market price
- B Average method
- C FIFO
- D Standard price