Jamb Accounts - Principles of Accounts Questions
Question 636:
If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account
- A N 1400
- B N6 600
- C N16 600
- D N18 600
Question 638:
One of the major features of bookkeeping is that it?
- A Provides permanent records for all financial transactions
- B Is futuristic in nature
- C Accpets responsibility for all wrong postings
- D Does not give room for double entry procedures
Question 639:
One of the major features of bookkeeping is that it?
- A Provides permanent records for all financial transactions
- B Is futuristic in nature
- C Accpets responsibility for all wrong postings
- D Does not give room for double entry procedures
Question 640:
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A Conservatism
- B Historical
- C Monetary
- D Cost