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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
2351

Purchases can be ascertained through the preparation of a

  • A. stock account
  • B. sales account
  • C. total debtors control account
  • D. total creditors control account
View Answer & Discuss (1) JAMB 2016
2352

When stock is withdrawn for personal use, the accounting entries is to debit

  • A. stock account credit drawings
  • B. drawing account, credit stock account
  • C. personal account credit cash account
  • D. cash account, credit personal account
View Answer & Discuss JAMB 2016
2353
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.
  • A. #744,800
  • B. #760,000
  • C. #784,000
  • D. #744,000
View Answer & Discuss (1) JAMB 2016
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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2354

Which of the following is accounted for in receipts and payments account?

  • A. Accrued expenses on annual dances
  • B. Subscriptions due but not yet received
  • C. interest on bank deposit
  • D. Depreciation of the club house
View Answer & Discuss JAMB 2016
2355

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

  • A. capital reserve
  • B. revenue reserve
  • C. net income
  • D. net loss
View Answer & Discuss JAMB 2016
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