Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1086:

• JAMB 2016

Purchases can be ascertained through the preparation of a

A. Stock account
B. Sales account
C. Total debtors control account
D. Total creditors control account

Question 1087:

• JAMB 2016

When stock is withdrawn for personal use, the accounting entries is to debit

A. Stock account credit drawings
B. Drawing account, credit stock account
C. Personal account credit cash account
D. Cash account, credit personal account

Question 1088:

• JAMB 2016

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A. #744,800
B. #760,000
C. #784,000
D. #744,000

Question 1089:

• JAMB 2016

Which of the following is accounted for in receipts and payments account?

A. Accrued expenses on annual dances
B. Subscriptions due but not yet received
C. Interest on bank deposit
D. Depreciation of the club house

Question 1090:

• JAMB 2016

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

A. Capital reserve
B. Revenue reserve
C. Net income
D. Net loss