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Accounts - Principles of Accounts Past Questions

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306
In an incomplete record system a trading account cannot be prepared until the?
  • A. day book has been balanced
  • B. amount of personal drawings has been established
  • C. cash book has been balanced
  • D. amount os sales and purchases has been established
View Answer & Discuss JAMB 2002
307
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
  • A. draw up the statement of affairs
  • B. draw up a T-account to establish the amount
  • C. compare the journal entries with the cash book
  • D. cross-check the cash book for further information
View Answer & Discuss JAMB 2002
308
keeping records under the single entry system has the advantage of?
  • A. quality in terms of records
  • B. completeness in terms of records
  • C. accuracy in terms of operation
  • D. simplicity in terms of operation
View Answer & Discuss JAMB 2002
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309
Control accounts help to verify the arithmetic accuracy of the postings from the?
  • A. subsidiary books into the trial balance
  • B. ledger into the trial balance
  • C. journals into the ledgers
  • D. subsidiary books into the ledgers
View Answer & Discuss JAMB 2002
310
Given:

Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
  • A. N30,000
  • B. N40,000
  • C. 50,000
  • D. N20,000
View Answer & Discuss JAMB 2002
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