Jamb Accounts - Principles of Accounts Questions
Question 16:
Calls in advance are treated in the balance sheet as_______
- A Current asset
- B Fixed asset
- C Current liability
- D Fixed liability
Question 17:
Why are adjustments in the profit and loss account necessary?
- A To cover some expenses of the following year
- B To show the provisions made during the year
- C To show the total expenses paid and income received during the year
- D To ascertain the actual expenses incurred and income earned during the year
Question 18:
Which of the following is not a type of branch?
- A Dependent branch
- B Foreign branch
- C Independent branch
- D Single branch
Question 19:
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________
- A Debit entry
- B Contra entry
- C Credit entry
- D Reversal entry
Question 20:
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________
- A Partners salaries
- B Interest on capital
- C Interest on loans
- D Partners drawings