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Accounts - Principles of Accounts Past Questions

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186
To record the transfer of stock from one department to another, the correct entry would be to debit?
  • A. goods outwards and credit goods inwards
  • B. merchandise account and credit department stock account
  • C. department transfering and credit department receivving
  • D. department receiving and credit department transfering
View Answer & Discuss JAMB 1999
187
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
  • A. debit to goods sent to branch account
  • B. debit to branch stock adjustment account
  • C. credit to branch adjustment account
  • D. credit to branch stock adjustment account
View Answer & Discuss JAMB 1999
188
What is the correct entry in the head office books at the point of initial transfer of the goods?
  • A. Branch stock account would be credited with
  • B. Branch stock account would be debited with N12,000
  • C. Goods sent to branch account would be debited with N10,800
  • D. Goods sent to branch account would be credited with N12,000
View Answer & Discuss (1) JAMB 1999
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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189
Capital and revenue expenditures of government are usually accounted for under funds which include?
  • A. A personal advances, technical, special trust and
  • B. technical, special trusth and commercial funds
  • C. personal advances, treasury clearance and special trusth funds
  • D. commercial loans and treasury clearance funds
View Answer & Discuss JAMB 1999
190
Which of the following account is kept by local governments in Nigeria?
  • A. Balance sheet
  • B. Advances account
  • C. Debtors account
  • D. Profit account
View Answer & Discuss JAMB 1999
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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