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Tuesday, 21 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Topic: Nature and Significance of Book keeping and Accounting

Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting

Question 61:
Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?
  • A N80,000
  • B N35,000
  • C N105,000
  • D N70,000
View Answer & Explanation
Question 62:
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
  • A Standard price
  • B Marketing price
  • C FIFO
  • D Average method
View Answer & Explanation
Question 63:
In an incomplete record system a trading account cannot be prepared until the?
  • A Day book has been balanced
  • B Amount of personal drawings has been established
  • C Cash book has been balanced
  • D Amount os sales and purchases has been established
View Answer & Explanation
Question 64:
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
  • A Draw up the statement of affairs
  • B Draw up a T-account to establish the amount
  • C Compare the journal entries with the cash book
  • D Cross-check the cash book for further information
View Answer & Explanation
Question 65:
In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?
  • A Fund accounting
  • B Commitment accounting
  • C Cash accounting
  • D Accrual accounting
View Answer & Explanation