Question 21:

• JAMB 1994

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

A. Supplier's invoices
B. Cash disbursements journal
C. Subsidiary debtors ledger
D. Purchases journal

Question 22:

• JAMB 1994

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

A. Accountant's salary
B. Factory workers' salary
C. Managing director's salary
D. Cashier's salary

Question 23:

• JAMB 1994

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:

• JAMB 1994

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

A. Income and expenditure account
B. Receipt and payment account
C. Balance sheet
D. Statement of affairs

Question 25:

• JAMB 1994

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

A. Drawings account
B. Appropriation account
C. Capital account
D. Creditors account