Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 771:

• JAMB 2010

Goods returned to branch by customers is recorded in the head office books be debiting?

A. Bank account and crediting branch stock account
B. Goods sent to branch account and crediting branch debtors''account
C. Branch stock account and crediting branch debtors account
D. Branch debtors' and credting cash acount

Question 772:

• JAMB 2010

Which of the following is mostly used in treating partners' current earnings?

A. Savings account
B. Current account
C. Capital account
D. Share capital account

Question 773:

• JAMB 2010

The salary of a partner is usually debited to the?

A. Sundry debtors' account
B. Appropriation account
C. Profit and loss account
D. Sundry current account

Question 774:

• JAMB 2010

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

A. Memorandum
B. Bye-law
C. Deed
D. Financial regulation

Question 775:

• JAMB 2010

The interest on partners' loans is?

A. Debited in current account
B. Credited in profit and loss account
C. Debited in profit and loss account
D. Credited in current account