Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1216:

• JAMB 2018

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


calculate the sales ledger balance

A. N13,000
B. N10,000
C. N 6,000
D. N3,000

Question 1217:

• JAMB 2018

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


what is the purchase ledger balance?

A. N29,000
B. N24,000
C. N4,000
D. N23,000

Question 1218:

• JAMB 2018

lubricating oil and spare parts of machines are example of?

A. Indirect expense
B. Direct expense
C. Indirect material
D. Direct material

Question 1219:

• JAMB 2018

for an incomplete record to provide necessary information, it must be converted to?

A. Double entry
B. Single entry
C. Complete records
D. Statement of affairs

Question 1220:

• JAMB 2018

The main difference between the ordinary and preference shareholders is that?

A. The former have voting rights while the latter do not
B. In the case of winding up, the former are paid first before the latter
C. The latter are not members of the company while the former are
D. The former receives dividends while the latter do not