Jamb Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 31:

• JAMB 2010

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

A. Branch debtor's account and credit head office account
B. Head office account and credit branch stock account
C. Branch stock account and credit branch debtors' account
D. Branch cash account and credit branch stock account

Question 32:

• JAMB 2010

In the not-for-profit-making organization, the excess of income over expenditure is?

A. Deducted from the capital
B. Added to the accumulated fund
C. Added to the capital
D. Deducted from the the accumulated fund

Question 33:

• JAMB 2010

The branch expenses paid by the head office is recorded in the books by debiting branch?

A. Bad debt account and crediting branch debtor's account
B. Expenses account and crediting bank account
C. Profit and loss account and crediting branch stock account
D. Discount allowed account and crediting branch debtors' account

Question 34:

• JAMB 2010

Goods returned to branch by customers is recorded in the head office books be debiting?

A. Bank account and crediting branch stock account
B. Goods sent to branch account and crediting branch debtors''account
C. Branch stock account and crediting branch debtors account
D. Branch debtors' and credting cash acount

Question 35:

• JAMB 2010

Which of the following is mostly used in treating partners' current earnings?

A. Savings account
B. Current account
C. Capital account
D. Share capital account