Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 11:

• JAMB 2000

A general journal contains?

A. Date, narration, folio, debit, and purchases
B. Date, narration, folio, debit and purchase
C. Folio, credit, date, debit and sales
D. Debit, credit, narration, date and discount

Question 12:

• JAMB 2000

Which of the following errors will affect the trial balance total?

A. Posting disscount allowed to the debit side of the discount allowed account
B. Omision of one account from the list when extracting from the ledger
C. Failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
D. Omission of sales of N3,000 and purchases of N2,000

Question 13:

• JAMB 2000

An expenses account is closed by a debit to?

A. An asset account and a credit to the expenses account
B. The expenses account and a credit to an asset account
C. Profit and loss account and a creit to the expenses account
D. The expenses account and a credit to profit and loss account

Question 14:

• JAMB 2000

In a manufacturing company, the total cost of goods produced is equivalent to?

A. Purchases
B. Sales
C. Cost of goods sold
D. Cost of materials used

Question 15:

• JAMB 2000

Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?

A. N24,577
B. N13,877
C. N7,067
D. N2,890