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Monday, 11 May 2026
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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 486:
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The amount withdrawn is
  • A N2,100
  • B N2,200
  • C N4,400
  • D N6,400
View Answer & Explanation
Question 487:
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The cash book closing balance will be
  • A N900
  • B N2,400
  • C N4,200
  • D N4,600
View Answer & Explanation
Question 488:
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
  • A N60
  • B N61
  • C N62
  • D N64
View Answer & Explanation
Question 489:
The double principle of accounting was developed by?
  • A Frank Wood
  • B Luca Pacioli
  • C Akintola Williams
  • D William Pickles
View Answer & Explanation
Question 490:
The double principle of accounting was developed by?
  • A Frank Wood
  • B Luca Pacioli
  • C Akintola Williams
  • D William Pickles
View Answer & Explanation