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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 856:
In sales ledger control account, returns inwards is usually
  • A Debited and debtors credited
  • B Credited and sales returns debited
  • C Debited and cash credited
  • D Credited and bank credited
View Answer & Explanation
Question 857:
Purchasers ledger control account can also be referred to as
  • A Sales day book
  • B Purchasers day book
  • C Creditors legder
  • D Debtors ledger
View Answer & Explanation
Question 858:
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 859:
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 860:
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