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

Question 31:

• JAMB 2007

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

A. N 1400
B. N6 600
C. N16 600
D. N18 600

Question 32:

• JAMB 2008

The main purpose of control account is to?

A. Detect errors and irregularities
B. Assist purchases
C. Assist sales
D. Check management incompetence

Question 33:

• JAMB 2008

Which of the following is a credit item in creditors ledger control account?

A. Purchases returns
B. Bills payable
C. Purchases
D. Cash receipts

Question 34:

• JAMB 2008

Discount allowed as represented in the control account appears on the?

A. Credit side of the purchases control account
B. Debit side of the purchases control account
C. Credit side of the sales control account
D. Debit side of the sales control account

Question 35:

• JAMB 2009

Apart from the common control accounts, a control account can also be opened for?

A. Sales account
B. Purchases account
C. Cash account
D. Wages account