Accounts - Principles of Accounts Past Questions and Answers

Question 3191:

• JAMB 2023

Which of the following is used in the public sector to monitor or control government expenditure?

A. Sales day book
B. Cash book
C. Cheque
D. Vote book

Question 3192:

• JAMB 2023

Profit expressed in relation to cost of goods sold is ____________

A. Turnover
B. Cost price
C. Margin
D. Mark -up

Question 3193:

• JAMB 2023

The document issued by a revenue collector as evidence of payment to a government ministry is a ____________

A. Receipt voucher card
B. Stores receipt voucher
C. Treasury receipt
D. Payment voucher

Question 3194:

• JAMB 2023

When the goods are sold on credit to a buyer, the account receivable account will be ____________

A. Debit and credit
B. Contra entry
C. Debited
D. Credited

Question 3195:

• JAMB 2023

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

The amount of preference shares dividends payable at the end of the year is ____________

A. ₦10,000
B. ₦25,000
C. ₦7,500
D. ₦20,000