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Accounts - Principles of Accounts Past Questions

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636

The equivalent of a club's receipts and payment account is the?

  • A. trading account
  • B. revenue account
  • C. cash account
  • D. suspense account
View Answer & Discuss JAMB 2010
637

The summary of receipts and payments account represent?

  • A. cash at hand
  • B. journal proper
  • C. general journal
  • D. ledger accounts
View Answer & Discuss (1) JAMB 2010
638
The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?
  • A. N7 000 loss
  • B. N5 000 loss
  • C. N5 000 profit
  • D. N7 000 profit
View Answer & Discuss JAMB 2010
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639

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

  • A. branch debtor's account and credit head office account
  • B. head office account and credit branch stock account
  • C. branch stock account and credit branch debtors' account
  • D. branch cash account and credit branch stock account
View Answer & Discuss JAMB 2010
640

The branch expenses paid by the head office is recorded in the books by debiting branch?

  • A. bad debt account and crediting branch debtor's account
  • B. expenses account and crediting bank account
  • C. profit and loss account and crediting branch stock account
  • D. discount allowed account and crediting branch debtors' account
View Answer & Discuss JAMB 2010
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