Jamb Accounts - Principles of Accounts Questions
Question 766:
The summary of receipts and payments account represent?
- A Cash at hand
- B Journal proper
- C General journal
- D Ledger accounts
Question 767:
The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?
- A N7 000 loss
- B N5 000 loss
- C N5 000 profit
- D N7 000 profit
Question 768:
If goods were returned to branch by the customers, the correct posting for this transaction is to debit?
- A Branch debtor's account and credit head office account
- B Head office account and credit branch stock account
- C Branch stock account and credit branch debtors' account
- D Branch cash account and credit branch stock account
Question 769:
In the not-for-profit-making organization, the excess of income over expenditure is?
- A Deducted from the capital
- B Added to the accumulated fund
- C Added to the capital
- D Deducted from the the accumulated fund
Question 770:
The branch expenses paid by the head office is recorded in the books by debiting branch?
- A Bad debt account and crediting branch debtor's account
- B Expenses account and crediting bank account
- C Profit and loss account and crediting branch stock account
- D Discount allowed account and crediting branch debtors' account