Purchases ledger control account - 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 1994

From which of the following sources are creditors control account most likely to be posted?

A. Supplier's invoices
B. Cash disbursements journal
C. Subsidiary debtors ledger
D. Purchases journal

Question 3:

• JAMB 1995

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

A. N509,600
B. N482,600
C. N428,600
D. N418,400

Question 4:

• JAMB 1995

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

A. N509,600
B. N482,600
C. N428,600
D. N418,400

Question 5:

• JAMB 1997

The principle use of control accounts is to

A. Localize error within the ledger
B. Prevent fraud
C. Increase sales
D. Record assets and liabilities