Importance of control accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 2002

Control accounts help to verify the arithmetic accuracy of the postings from the?

A. Subsidiary books into the trial balance
B. Ledger into the trial balance
C. Journals into the ledgers
D. Subsidiary books into the ledgers

Question 3:

• JAMB 2007

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?

A. I, ii and iii
B. I and iii
C. Ii and iii
D. I and ii

Question 4:

• 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 5:

• JAMB 2011

The control accounting can be used in?

A. Recording all the business transactions of the enterprise
B. Keeping records of all direct deposit in the bank account
C. Monitoring the books of original entry
D. Monitoring the efficiency of bookkepping by accountants