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Accounts - Principles of Accounts Past Questions

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Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a
  • A. credit note
  • B. debit note
  • C. journal voucher
  • D. way bill
View Answer & Discuss (4) JAMB 1995
A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?
  • A. John: N40 Dr, cash: N40 Cr
  • B. Cash: N40 Dr, John: N40 Cr
  • C. John: N20 Dr, cash: N20 Cr
  • D. Cash: N20 Dr, John: N20 Cr
View Answer & Discuss (7) JAMB 1995
The following represent extracts from the trading account of a retail outlet for a given month:
Opening stock N2,400
Closing stock N6,400
Other expenses N2,000
Sales N11,000
Profit N900
What is the purchase figure for the month?
  • A. N13,000
  • B. N12,100
  • C. N12,000
  • D. N11,200
View Answer & Discuss (4) JAMB 1995
Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?
  • A. N1,680 Dr
  • B. N1,080 Cr
  • C. N600 Dr
  • D. N480 Cr
View Answer & Discuss (3) JAMB 1995
Why are adjustments in the profit and loss account necessary?
  • A. To cover some expenses of the following year
  • B. To ascertain the actual expenses incurred and income earned during the year
  • C. To show the provision made during the year
  • D. To show the total expenses paid and income received during the year
View Answer & Discuss JAMB 1995