Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 466:

• JAMB 2004

In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?

A. Current assets
B. Current liability
C. Capital
D. Reserve

Question 467:

• JAMB 2004

A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?

A. Manufacturing accounts
B. Consolidated accounts
C. Departmental accounts
D. Joint venture accounts

Question 468:

• JAMB 2004

How are credit sales by a department treated?

A. The same way as normal debtors' transactions
B. In a different way from normal debtors' transactions
C. As an addition to the production manager's account
D. As an addition to the production managers' account

Question 469:

• JAMB 2004

Discounts granted branch customers are treated as a debit to branch?

A. Stock account and a credit to branch debtors'account
B. Discount account and a credit to branch bank account
C. Stock account and a credit to branch bank account
D. Discount account and a credit to branch debtors' account

Question 470:

• JAMB 2004

Transfers from the head office to branches are best carried out at?

A. Cost price
B. Selling price
C. Cost plus mark-up
D. Market price