JAMB Principles Of Accounts Past Questions, Answers & Explanations - Accounts - Principles of Accounts

Jamb Accounts - Principles of Accounts Questions

Question 21:

From which of the following sources are creditors control account most likely to be posted?

Question 22:

Which of the following categories of labour cost will be classified as direct?

Question 23:

The major difference between the receipt and payment account and the income and expenditure account is that while the former

A Is kept by the treasurer, the latter is not
B Deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
C Is a T-account, the latter is not
D Is not in the ledger, the latter is

Question 24:

The net profit from a trading account of a non-profit making organization would be treated as income in the

Question 25:

The major distinguishing element between the final accounts of a partnership and a sole trader is the