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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
641

Goods returned to branch by customers is recorded in the head office books be debiting?

  • A. bank account and crediting branch stock account
  • B. goods sent to branch account and crediting branch debtors''account
  • C. branch stock account and crediting branch debtors account
  • D. branch debtors' and credting cash acount
View Answer & Discuss JAMB 2010
642

Which of the following is mostly used in treating partners' current earnings?

  • A. Savings account
  • B. Current account
  • C. Capital account
  • D. Share capital account
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643

The salary of a partner is usually debited to the?

  • A. sundry debtors' account
  • B. appropriation account
  • C. profit and loss account
  • D. sundry current account
View Answer & Discuss JAMB 2010
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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644

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

  • A. memorandum
  • B. bye-law
  • C. deed
  • D. financial regulation
View Answer & Discuss JAMB 2010
645

The interest on partners' loans is?

  • A. debited in current account
  • B. credited in profit and loss account
  • C. debited in profit and loss account
  • D. credited in current account
View Answer & Discuss JAMB 2010
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