Jamb Accounts - Principles of Accounts Questions
Question 466:
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
- A Current assets
- B Current liability
- C Capital
- D Reserve
Question 467:
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
- A Manufacturing accounts
- B Consolidated accounts
- C Departmental accounts
- D Joint venture accounts
Question 468:
How are credit sales by a department treated?
- A The same way as normal debtors' transactions
- B In a different way from normal debtors' transactions
- C As an addition to the production manager's account
- D As an addition to the production managers' account
Question 469:
Discounts granted branch customers are treated as a debit to branch?
- A Stock account and a credit to branch debtors'account
- B Discount account and a credit to branch bank account
- C Stock account and a credit to branch bank account
- D Discount account and a credit to branch debtors' account
Question 470:
Transfers from the head office to branches are best carried out at?
- A Cost price
- B Selling price
- C Cost plus mark-up
- D Market price