Control Accounts and Self-balancing Ledgers - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 26:

• JAMB 2006

The objective of the purchase ledger control account is to established the?

A. Credit purchases
B. Net profit
C. Total purchases
D. Gross profit

Question 27:

• JAMB 2006

The difference in the sales ledger control account is transferred to the?

A. Profit and loss account
B. Sales account
C. Balance sheet
D. Trading account

Question 28:

• JAMB 2006

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?

A. Deited by N100
B. Credited by N100
C. Credited by N1000
D. Deited by N1000

Question 29:

• JAMB 2007

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?

A. I, ii and iii
B. I and iii
C. Ii and iii
D. I and ii

Question 30:

• JAMB 2007

The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?

A. What the debtor of a business enterprise owed the business
B. The total amount which each debtor owed the business
C. What a business enterprise owed its creditors
D. The amount whicih a business enterprise owed creditor