Jamb Accounts - Principles of Accounts Questions
Question 16:
The simplest form of single entry procedure consists fo keeping a?
- A Day book or general journal
- B Cash book and ledger accounts showing debtors and creditors balances
- C Cash journal, sales journal and purchases journal
- D Day book in which transactions are described in chronological order
Question 17:
A fixed cost is fixed only in relation to?
- A The quality of goods produced
- B The quantity of goods sold
- C A given period of time and a range of activities
- D A given period of time and the nature of activity
Question 18:
One of the advantage of the shortcomings of single entry procedures is that?
- A A trial balance is not available
- B Profits are overestimated
- C There are no subsidiary books
- D There are no control accounts
Question 19:
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
- A Debit bank, credit custmer and credit conyrol account
- B Credit bank, debit customer, and credit control account
- C Debit customer, debit control accountand credit bank
- D Credit control account, debit bank and debit customer
Question 20:
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
- A Shares are never offered at a discount; the offer is invalid
- B The value of shares in the capital account will be lowered by 2%
- C The company incurs a loss to the tune of 2% of the offer
- D Each of the subscribers loses 2% of investment