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Accounts - Principles of Accounts 2023 JAMB Past Questions

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71

Which of the following is charged to trading account?

  • A. rent
  • B. discount allowed
  • C. carriage inwards
  • D. carriage outwards
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72

Which of the following expenses is *not* apportined in proportion to turnover?

  • A. rent
  • B. commission
  • C. discount allowed
  • D. carriage outwards
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73

The purchases ledger control account is also known as

  • A. bill payable control account
  • B. credit purchase control account
  • C. creditors control account
  • D. total purchase
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74

The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

  • A. Amortization
  • B. Revaluation
  • C. Realization
  • D. Dissolution
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75

Income and Expenditure account is the same as the --------- of a sole trader

  • A. balance sheet
  • B. trading account
  • C. profit and loss account
  • D. cash book
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