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Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

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Jamb 2023 Accounts - Principles of Accounts Past Questions

Question 6:


The purchases ledger control account is also known as ____________

A. Bill payable control account
B. Credit purchase control account
C. Creditors control account
D. Total purchase


Question 7:


The Accounting term used to describe a partnership firm that stops operation and disposes its assets is ____________

A. Amortization
B. Revaluation
C. Realization
D. Dissolution


Question 8:


Income and Expenditure account is the same as the ____________ of a sole trader

A. Balance sheet
B. Trading account
C. Profit and loss account
D. Cash book


Question 9:


In company account, dividend payments are effected in which of the following accounts?

A. Realization
B. Current
C. Appropriation
D. Capital


Question 10:


The following was extracted from the books of MEGA COMPANY NIG. LTD

Trade debtors 350,000
Fixtures and fittings 600,000
Cash at bank 25,000
Cash in hand 5,500
Trade creditors 116,500
Bank overdraft 7,500
Building 950,000
Motor van 35,000




The working capital of the company is ____________

A. ₦156,000
B. ₦280,000
C. ₦565,000
D. ₦256,500






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