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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 16:
In a control account, provision for bad debts is found on the?
  • A Debit side of the purchases ledger control account
  • B Debit side of the sales ledger control account
  • C Credit side of the purchases ledger control account
  • D Credit side of the sales ledger control account
View Answer & Explanation
Question 17:
Advertising expenses incurred on a product in a business organization should be charged to?
  • A Production department
  • B Sales department
  • C Administration department
  • D Purchases department
View Answer & Explanation
Question 18:
The stock valuation data is important because it enables management to?
  • A Separate debtors from creditors
  • B Determine the cost of stock at the end of business
  • C Determine the cost of stock at the beginning of business
  • D Determine the total cost of goods purchased
View Answer & Explanation
Question 19:
four broad classifications of overheads are?
  • A Production, selling, distribution and material
  • B Production, selling, distribution and administration
  • C Selling, distribution and production and wages
  • D Distribution, selling, administration and material
View Answer & Explanation
Question 20:
Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
  • A N4000
  • B N3000
  • C N2000
  • D N1000
View Answer & Explanation