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Accounts - Principles of Accounts Past Questions

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96
The records of wages due but not yet paid is an example of an adjustment for
  • A. apportionment of revenue between two periods
  • B. recognizing accrued expenses
  • C. recognizing unaccounted revenue
  • D. recognizing prepaid expenses
View Answer & Discuss JAMB 1997
97
The process of allocating the cost of an intangible assets over its useful life is known as
  • A. depreciation
  • B. extraction
  • C. depletion
  • D. amortization
View Answer & Discuss (1) JAMB 1997
98
The principle use of control accounts is to
  • A. localize error within the ledger
  • B. prevent fraud
  • C. increase sales
  • D. record assets and liabilities
View Answer & Discuss JAMB 1997
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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99

In the absence of a sales day book or sales account the credit for sales can be computed from

  • A. creditors control account
  • B. debtors control account
  • C. opening figures of the balance sheet
  • D. closing figures of the balance sheet
View Answer & Discuss (5) JAMB 1997
100
which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?
  • A. decrease in the closing balance of sales ledger control accout
  • B. increase in net profit
  • C. increase in the value of sales
  • D. decrease in the value of purchases in the trading account
View Answer & Discuss (1) JAMB 1997
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