Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 766:

• JAMB 2010

The summary of receipts and payments account represent?

A. Cash at hand
B. Journal proper
C. General journal
D. Ledger accounts

Question 767:

• JAMB 2010

The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?

A. N7 000 loss
B. N5 000 loss
C. N5 000 profit
D. N7 000 profit

Question 768:

• 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 769:

• 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 770:

• 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