Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1006:

• JAMB 2015

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

A. 28 days
B. 42 days
C. 27 days
D. 23 days

Question 1007:

• JAMB 2015

The following accounting entries are made when bad debt is recovered

A. Debit bad debts accounts and credit bad debt recovered account
B. Debit debtors accounts and recovered account
C. Debit bad debts recovered account and credit bad debts account
D. Debit bad debts account and credit profit and loss account

Question 1008:

• JAMB 2015

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?

A. Objects and their alteration
B. Location of business
C. Bank signatories
D. Powers of directors

Question 1009:

• JAMB 2015

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

A. Conversion
B. Control
C. Allocation
D. Analysis

Question 1010:

• JAMB 2015

Sales ledger control account contains the total amount in respect of

A. Creditors
B. Debtors
C. Investors
D. Shareholders