Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 401:

• JAMB 2003

Given:
(i) Order of performance
(ii) Order of liquidity
(iii)Vertical order
(iv) Horizontal order
The order in which a balance assets is arranged are?

A. I and ii
B. I and iv
C. Ii and iii
D. Iii and iv

Question 402:

• JAMB 2003

Provision for discount allowed can be recorded as debit to?

A. The profit and loss account and a credit to provision for discount allowed
B. Provision for discount allowed and a credit to the profit and loss account
C. Discount allowed and a credit to the profit and loss account
D. Expenses and a credit to customers' account

Question 403:

• JAMB 2003

In a control account, provision for bad debts is found on the?

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

Question 404:

• JAMB 2003

Advertising expenses incurred on a product in a business organization should be charged to?

A. Production department
B. Sales department
C. Administration department
D. Purchases department

Question 405:

• JAMB 2003

The stock valuation data is important because it enables management to?

A. Separate debtors from creditors
B. Determine the cost of stock at the end of business
C. Determine the cost of stock at the beginning of business
D. Determine the total cost of goods purchased