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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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206
The simplest form of single entry procedure consists fo keeping a?
  • A. day book or general journal
  • B. cash book and ledger accounts showing debtors and creditors balances
  • C. cash journal, sales journal and purchases journal
  • D. day book in which transactions are described in chronological order
View Answer & Discuss (2) JAMB 2000
207
A fixed cost is fixed only in relation to?
  • A. the quality of goods produced
  • B. the quantity of goods sold
  • C. a given period of time and a range of activities
  • D. a given period of time and the nature of activity
View Answer & Discuss (1) JAMB 2000
208
One of the advantage of the shortcomings of single entry procedures is that?
  • A. a trial balance is not available
  • B. profits are overestimated
  • C. there are no subsidiary books
  • D. there are no control accounts
View Answer & Discuss JAMB 2000
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209
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
  • A. debit bank, credit custmer and credit conyrol account
  • B. credit bank, debit customer, and credit control account
  • C. debit customer, debit control accountand credit bank
  • D. credit control account, debit bank and debit customer
View Answer & Discuss JAMB 2000
210
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
  • A. shares are never offered at a discount; the offer is invalid
  • B. the value of shares in the capital account will be lowered by 2%
  • C. the company incurs a loss to the tune of 2% of the offer
  • D. each of the subscribers loses 2% of investment
View Answer & Discuss JAMB 2000
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