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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
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201

A general journal contains?

  • A. date, narration, folio, debit, and purchases
  • B. date, narration, folio, debit and purchase
  • C. folio, credit, date, debit and sales
  • D. debit, credit, narration, and date
View Answer & Discuss (4) JAMB 2000
202
Which of the following errors will affect the trial balance total?
  • A. posting disscount allowed to the debit side of the discount allowed account
  • B. omision of one account from the list when extracting from the ledger
  • C. failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
  • D. omission of sales of N3,000 and purchases of N2,000
View Answer & Discuss (2) JAMB 2000
203
An expenses account is closed by a debit to?
  • A. an asset account and a credit to the expenses account
  • B. the expenses account and a credit to an asset account
  • C. profit and loss account and a creit to the expenses account
  • D. the expenses account and a credit to profit and loss account
View Answer & Discuss JAMB 2000
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204
In a manufacturing company, the total cost of goods produced is equivalent to?
  • A. purchases
  • B. sales
  • C. cost of goods sold
  • D. cost of materials used
View Answer & Discuss (1) JAMB 2000
205
Given:
Sales Ledger Control Account (Extracts)

Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890

Determine the sales returns?
  • A. N24,577
  • B. N13,877
  • C. N7,067
  • D. N2,890
View Answer & Discuss JAMB 2000
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