Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1451:

• JAMB 2023

Which of the following is not charged to manufacturing account?

A. Raw materials
B. Factory wages
C. Direct expenses
D. Distribution expenses

Question 1452:

• JAMB 2023

The authority to transfer fund from one head to another within the same organization is called ____________

A. Fund
B. Warrant
C. Vote
D. Virement

Question 1453:

• JAMB 2023

Another name for control accounts is ____________

A. Total account
B. Purchases ledger
C. Creditors' account
D. Debtors' account

Question 1454:

• JAMB 2023

Which of the following concepts recognizes the principle of double entry?

A. Business entity
B. Accrual
C. Going concern
D. Dual aspect

Question 1455:

• JAMB 2023

Danladi Bako's Statement of Affairs as at 30/06/17

	₦		₦
Capital	??	Fixtures and fittings	4,000
		Stock	20,500
		Sundry debtors	40,000
Creditors	18,000	Bank	??
	78,650		78,650

What is his bank balance as at 30/06/17?

A. ₦14,150
B. ₦18,500
C. ₦15,300
D. ₦65,150