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Accounts - Principles of Accounts Past Questions

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NECO offline past questions - All questions, answers & explanations in one app 25712
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166
The principal function of a sales ledger control account is to?
  • A. serve as internal check and provide quick information for the preparation of interim financial statements
  • B. serve as external check and provide quick information for the preparation of interim financial statements
  • C. provide quick information for the preparation of customers' statement
  • D. provide information for the control of salesmen's activities
View Answer & Discuss JAMB 1999
167
In dealing with incomplete records, fixed assets are posted to?
  • A. opening profit and loss as brought forward figures
  • B. closing balance sheet as carried forward figures
  • C. closing balance sheets as brought forward figures
  • D. closing profit and loss as brought forward figures
View Answer & Discuss JAMB 1999
168
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
  • A. debting manufacturing account and crediting trading acccount
  • B. crditing sales account and debtiting trading account
  • C. debiting sales account and crediting trading account
  • D. crediting manufacturing account and debiting trading account
View Answer & Discuss JAMB 1999
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NECO offline past questions - All questions, answers & explanations in one app 25712
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169
Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?
  • A. Cement, sand and carriage outwards
  • B. Water carriage inwards and cement
  • C. Sales boys'wages, cement and sand
  • D. Carriage outwards,carriage inwards and cement
View Answer & Discuss (3) JAMB 1999
170
Manufacturing costs can be classified based on?
  • A. timing of charges degree of averaging and size of capital
  • B. degree of averaging, ease of traceability and timing of charges
  • C. degree of averaging, size of floor space occupied and cost accounts
  • D. number of employees, timing of charges and management style
View Answer & Discuss JAMB 1999
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