Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 111:

• JAMB 1997

The principle use of control accounts is to

A. Localize error within the ledger
B. Prevent fraud
C. Increase sales
D. Record assets and liabilities

Question 112:

• JAMB 1997

In the absence of a sales day book or sales account the credit for sales can be computed from

A. Creditors control account
B. Debtors control account
C. Opening figures of the balance sheet
D. Closing figures of the balance sheet

Question 113:

• JAMB 1997

which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

A. Decrease in the closing balance of sales ledger control accout
B. Increase in net profit
C. Increase in the value of sales
D. Decrease in the value of purchases in the trading account

Question 114:

• JAMB 1997

The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be

A. N26,630
B. N27,038
C. N27,150
D. N27,280

Question 115:

• JAMB 1997

Given:
Capital at the beginning...............N20 000
Drawings...............................N3 000
Capital................................N30 000
New capital introduced.................N8 000
What is the profit for the period?

A. N4 000
B. N5 000
C. N6 000
D. N8 000