Jamb Accounts - Principles of Accounts Questions
Question 21:
The records of wages due but not yet paid is an example of an adjustment for
- A Apportionment of revenue between two periods
- B Recognizing accrued expenses
- C Recognizing unaccounted revenue
- D Recognizing prepaid expenses
Question 22:
The process of allocating the cost of an intangible assets over its useful life is known as
- A Depreciation
- B Extraction
- C Depletion
- D Amortization
Question 23:
The principle use of control accounts is to
- A Localize error within the ledger
- B Prevent fraud
- C Increase sales
- D Record assets and liabilities
Question 24:
In the absence of a sales day book or sales account the credit for sales can be computed from
- A Creditors control account
- B Debtors control account
- C Opening figures of the balance sheet
- D Closing figures of the balance sheet
Question 25:
which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?
- A Decrease in the closing balance of sales ledger control accout
- B Increase in net profit
- C Increase in the value of sales
- D Decrease in the value of purchases in the trading account