Sales 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 1995

Sales ledger control account contains the total amount in respect of

A. Creditors
B. Debtors
C. Investors
D. Shareholders

Question 3:

• JAMB 1997

which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

A. Decrease in the closing balance of sales ledger control accout
B. Increase in net profit
C. Increase in the value of sales
D. Decrease in the value of purchases in the trading account

Question 4:

• JAMB 1998

A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?

A. Total debtors account
B. Purchase day book
C. Sales day book
D. Cash book

Question 5:

• JAMB 1998

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.

A. N40,935
B. N27,961
C. N26,685
D. N1,185