Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 956:

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Calculate the cost of goods available for sale using LIFO

A. #801,000
B. #1,100,500
C. #1,160,500
D. #1,175,500

Question 957:

• JAMB 2014

The control account is used in facilitating

A. The location of errors in the various accounts
B. Up to date bank transactions
C. The payment of debts and liabilities of the firm
D. Assets distribution with respect to income

Question 958:

• JAMB 2014

A book of account that possesses the features of both day book and ledger is

A. Sales day book
B. Cash book
C. Purchases day book
D. Returns day book

Question 959:

• JAMB 2014

The value of the sales ledger control account is derived from the summation of

A. The total debtors' account
B. The total creditors' account
C. All day books
D. Both the debtors'and creditors' accounts

Question 960:

• JAMB 2014

Subscription in arrears is treated in the balance sheet of a club as

A. Current asset
B. Current liability
C. Fixed asset
D. Intangible asset