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Accounts - Principles of Accounts 2023 JAMB Past Questions

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31

Discount allowed is enjoyed by

  • A. managers
  • B. customers
  • C. staff of the company
  • D. suppliers
View Answer & Discuss JAMB 2023
32

In manufacturing, depreciation of office machine is charged to

  • A. trading account
  • B. balance sheet
  • C. appropriation account
  • D. profit and loss account
View Answer & Discuss JAMB 2023
33
  ₦  

₦

Bal. b/f

 3,250 Bal. b/f. 215

Sales

 19,075 Bank

16,387.50

Dishonoured cheque

 625 Discount 862.50

Stopped cheque

 250 Returns inwards 325

Bal c/d

 230 Set off 900
    Bal c/d

4740
  23,430  

23430

Bal b/d

 4740 Bal b/d 230

Dr. Sales Ledger Control Account . Cr
 

 

 

The amount ₦16,378.50 described as "Bank" represents

  • A. receipts from trade debtors only
  • B. cash sales for the month including discount
  • C. receipts from all debtors of the business
  • D. cash sales for the month excluding discount
View Answer & Discuss JAMB 2023
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34

Dr. Sales Ledger Control Account . Cr
 

  ₦  

₦
Bal b/f 3,250 Bal b/f 125
Sales 19,075 Bank 16,387.50

Dishonoured cheque

 625 Discount

862.50

Stopped cheque

 250 Returns inwards 325
Bal c/d 230 Set off 900
    Bal c/d 4740
  23430  

23430
Bal b/d 4740 Bal b/d 230

The amount ₦19,075 represents

  • A. the double entry for the total sales account
  • B. total sales for the month
  • C. credit sales
  • D. cash sales for the month
View Answer & Discuss JAMB 2023
35

An advantage of FIFO method of stock valuation is that

  • A. it is calculated at the end of the year
  • B. its flow of cost is in sequence with the flow of stock
  • C. it is progressive in nature
  • D. it serves as a control during inflation
View Answer & Discuss JAMB 2023
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