Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 21:

• JAMB 2009

Which of the following methods gives a conservative closing stock value during a period of rising prices?

A. LIFO
B. FIFO
C. Simple average
D. Periodic simple average

Question 22:

• JAMB 2009

Apart from the common control accounts, a control account can also be opened for?

A. Sales account
B. Purchases account
C. Cash account
D. Wages account

Question 23:

• JAMB 2009

Which of the following is a debit item in the purchases ledger control account.

A. Balance b/d
B. Cheque dishonoured
C. Purchases
D. Balance c/d

Question 24:

• JAMB 2009

Which of the following is an item in the debit side of the sales ledger control account?

A. Interest charged by suppliers
B. Bills receivable honored
C. Transfer of credit balances from credit control account
D. Transfer of debit balance from creditors control account

Question 25:

• JAMB 2009

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

A. Autonomous costs
B. Service costs
C. Supporting cost
D. Subsidiary costs