Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 856:

• JAMB 2012

In sales ledger control account, returns inwards is usually

A. Debited and debtors credited
B. Credited and sales returns debited
C. Debited and cash credited
D. Credited and bank credited

Question 857:

• JAMB 2012

Purchasers ledger control account can also be referred to as

A. Sales day book
B. Purchasers day book
C. Creditors legder
D. Debtors ledger

Question 858:

• JAMB 2012

Which of the following is a debit item in the sales ledger control account

A. Cheque reciepts
B. Dishonoured cheques
C. Discount allowed
D. Bills recievable

Question 859:

• JAMB 2012

In manufacturing accounts, finance expenses are charged to the

A. Departmental account
B. Trading acount
C. Profit and loss account
D. Balance sheet

Question 860:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?

A. #64,000
B. #120,000
C. #360,000
D. #480,000