The Final Accounts of a Sole Trader - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 116:

• JAMB 2010

When Your Silence Is Loud..& Your Eyes Speaking Volumes..
Calculate the value of credit sales

A. N484 000
B. N448000
C. N584 000
D. N558 000

Question 117:

• JAMB 2010

If Fatima was granted a discount of 2% what will be discount allowed?

A. N20
B. N40
C. N60
D. N4

Question 118:

• JAMB 2011

The type of expense charged against administration of a firm is the?

A. Repairs on building
B. Interesr paid on loan
C. Discount allowed
D. Tax expense

Question 119:

• JAMB 2011

The item on the credit side of the trading account is the?

A. Returns outwards
B. Caarriage on sales
C. Sales
D. Purchases

Question 120:

• JAMB 2012

The capital of a sole trader can be increased by

A. Debiting the capital account
B. Crediting the capital account
C. Debiting the cash account
D. Crediting the cash account