Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 21:

• JAMB 2008

The main purpose of control account is to?

A. Detect errors and irregularities
B. Assist purchases
C. Assist sales
D. Check management incompetence

Question 22:

• JAMB 2008

Which of the following is a credit item in creditors ledger control account?

A. Purchases returns
B. Bills payable
C. Purchases
D. Cash receipts

Question 23:

• JAMB 2008

Discount allowed as represented in the control account appears on the?

A. Credit side of the purchases control account
B. Debit side of the purchases control account
C. Credit side of the sales control account
D. Debit side of the sales control account

Question 24:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

A. N20 600
B. N15 200
C. N13 800
D. N11 600

Question 25:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?

A. N19 000
B. N16 000
C. N12 600
D. N10 600