Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1081:

• JAMB 2016

The total cash and cheques received from customers in a control account is derived from the

A. Income and expenditure account
B. Cashbook
C. Purchases day book
D. Sales journal

Question 1082:

• JAMB 2016

Which of the foloowing is a credit item in creditors ledger control account?

A. Returns outwards
B. Discount Received
C. Bad debts
D. Purchases

Question 1083:

• JAMB 2016

The trader's capital in a single entry system is ascertained by preparing

A. Gross profit
B. Statement of affairs
C. Suspense account
D. Appropriation account

Question 1084:

• JAMB 2016

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

A. I,III,IV
B. I,II,III
C. I,II,IV
D. I and IV

Question 1085:

• JAMB 2016

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

A. #300
B. #400
C. #600
D. #200