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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 21:
Which of the following is a debit item in the sales ledger control account
  • A Cheque reciepts
  • B Dishonoured cheques
  • C Discount allowed
  • D Bills recievable
View Answer & Explanation
Question 22:
In manufacturing accounts, finance expenses are charged to the
  • A Departmental account
  • B Trading acount
  • C Profit and loss account
  • D Balance sheet
View Answer & Explanation
Question 23:
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?
  • A #64,000
  • B #120,000
  • C #360,000
  • D #480,000
View Answer & Explanation
Question 24:
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost
  • A #416,000
  • B #304,000
  • C #240,000
  • D #184,000
View Answer & Explanation
Question 25:
The main advantage of a departmental account is that its
  • A Expenses are shared
  • B Gross profit is computed
  • C Net profit is computed
  • D Balance sheet is obtained
View Answer & Explanation