Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 51:

The objective of the purchases ledger control account is to establish the ____

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

Question 52:

The principal use of control accounts is to ____

A. Localise errors within the ledgers
B. Prevent fraud
C. Increase Sales
D. Record assets and liabilities.

Question 53:

The purchases ledger control account of a company had an opening balance of ₦45,600 and closing balance of ₦72,600 credit. The
company made payments of ₦437,000 to credit suppliers during the period; and had discount received of ₦18,600 on this account. What were the credit purchases for the period?

A. ₦509,600
B. ₦482,600
C. ₦428,600
D. ₦418,400

Question 54:

The total of the creditors at the beginning of the year was ₦4,600 and at the end of the year ₦5,250. During the year, ₦26,500 was paid to suppliers and ₦130 was received in discounts from these suppliers. The purchases for the year Would be ___

A. ₦26,630
B. ₦27,038
C. ₦27,150
D. ₦27,280

Question 55:

Tunde purchased goods from Femi by cash worth ₦1,000 with 10% cash discount. Tunde’s purchases ledger control account is to be ____

A. Debit by ₦100
B. Credited by ₦100
C. Credited by ₦1,000
D. Debited by ₦1,000