JAMB Principles Of Accounts Past Questions, Answers & Explanations - Accounts - Principles of Accounts

Jamb Accounts - Principles of Accounts Questions

Question 11:

JAMB 2000

A general journal contains?

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A Date, narration, folio, debit, and purchases
B Date, narration, folio, debit and purchase
C Folio, credit, date, debit and sales
D Debit, credit, narration, date and discount

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Question 12:

JAMB 2000

Which of the following errors will affect the trial balance total?

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A Posting disscount allowed to the debit side of the discount allowed account
B Omision of one account from the list when extracting from the ledger
C Failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
D Omission of sales of N3,000 and purchases of N2,000

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Question 13:

JAMB 2000

An expenses account is closed by a debit to?

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A An asset account and a credit to the expenses account
B The expenses account and a credit to an asset account
C Profit and loss account and a creit to the expenses account
D The expenses account and a credit to profit and loss account

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Question 14:

JAMB 2000

In a manufacturing company, the total cost of goods produced is equivalent to?

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A Purchases
B Sales
C Cost of goods sold
D Cost of materials used

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Question 15:

JAMB 2000

Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?

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A N24,577
B N13,877
C N7,067
D N2,890

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Accounts - Principles of Accounts Past Questions and Answers

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