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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 26:
One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
  • A Objects and their alteration
  • B Location of business
  • C Bank signatories
  • D Powers of directors
View Answer & Explanation
Question 27:
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
  • A Conversion
  • B Control
  • C Allocation
  • D Analysis
View Answer & Explanation
Question 28:
Sales ledger control account contains the total amount in respect of
  • A Creditors
  • B Debtors
  • C Investors
  • D Shareholders
View Answer & Explanation
Question 29:
The following account are prepared when goods are sent to branch except
  • A Branch stock
  • B Goods set to branch account
  • C Branch adjustment account
  • D Branch debtors account
View Answer & Explanation
Question 30:
The basis of accounting for public sector is
  • A Accrual basis
  • B Cost basis
  • C Revenue basis
  • D Cash basis
View Answer & Explanation