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Accounts - Principles of Accounts Past Questions and Answers

Topic: Preparation of final accounts from incomplete records

Jamb Accounts - Principles of Accounts Questions - Preparation of final accounts from incomplete records

Question 1:
The statement of affairs prepared from incomplete records can be described as?
  • A The summary of all the business transactions of the trader ascertained by the accountant
  • B A balance sheet at a particular date showing the assets and liabilities of the business
  • C A schedule of all the business ventures entered into for the period to which the records relates
  • D The statement that shows the profit or loss made during the period
View Answer & Explanation
Question 2:
The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are
  • A Sales income
  • B Receipt from debtors
  • C Fixtures and fittings
  • D Rent paid
View Answer & Explanation
Question 3:
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?
  • A Memorandum
  • B Bye-law
  • C Deed
  • D Financial regulation
View Answer & Explanation
Question 4:
Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is
  • A #23,500
  • B #60,500
  • C #60,700
  • D #82,500
View Answer & Explanation
Question 5:
Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is
  • A # 60,700
  • B #23,500
  • C #60,500
  • D #82,500
View Answer & Explanation