Accounts - Principles of Accounts 2004 JAMB Past Questions

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Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

A. deflicit
B. surplus
C. gain
D. loss

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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

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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

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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

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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

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