Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 806:

• JAMB 2011

The item on the credit side of the trading account is the?

A. Returns outwards
B. Caarriage on sales
C. Sales
D. Purchases

Question 807:

• JAMB 2011

Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?

A. 80
B. 100
C. 60
D. 160

Question 808:

• JAMB 2011

What is the value of stock as at the end of July 10 using FIFO?

A. N14 400
B. N13 300
C. N15 200
D. N12 600

Question 809:

• JAMB 2011

A typical example of a real account is?

A. Prepayment
B. Expenses
C. Plant
D. Income

Question 810:

• 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