Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 286:

• JAMB 2000

Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

A. N 41,000
B. N65,000
C. N71,000
D. N77,000

Question 287:

• JAMB 2000

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

A. Sales income
B. Receipt from debtors
C. Fixtures and fittings
D. Rent paid

Question 288:

• JAMB 2001

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

A. Increased financial activities
B. Government intervention
C. Credit as a factor in business
D. Payment for goods in cash

Question 289:

• JAMB 2001

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

A. Increased financial activities
B. Government intervention
C. Credit as a factor in business
D. Payment for goods in cash

Question 290:

• JAMB 2001

Cost accounting entails the provision of information?

A. For investment purposes
B. For descision making
C. To shareholders
D. To stockholders