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Accounts - Principles of Accounts 1994 JAMB Past Questions

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16
The net profit or loss for the year is determined in profit and loss account after
  • A. deducting purchases from sales
  • B. deducting cost of goods sold from sales and adding administrative expenses
  • C. adding commissions received to gross profit
  • D. eliminating all expenses from gross profit and adding any other income
View Answer & Discuss (27) JAMB 1994
17
If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
  • A. income in the profit and loss account
  • B. income in the balance sheet
  • C. additional cash in the profit and loss account
  • D. expense in the balance sheet
View Answer & Discuss (1) JAMB 1994
18
Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
  • A. N23,000
  • B. N29,000
  • C. N36,000
  • D. N43,000
View Answer & Discuss (16) JAMB 1994
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
19
From which of the following sources are creditors control account most likely to be posted?
  • A. supplier's invoices
  • B. cash disbursements journal
  • C. subsidiary debtors ledger
  • D. purchases journal
View Answer & Discuss (3) JAMB 1994
20
Which of the following categories of labour cost will be classified as direct?
  • A. accountant's salary
  • B. factory workers' salary
  • C. managing director's salary
  • D. cashier's salary
View Answer & Discuss (3) JAMB 1994
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free