AdmitMe
All subjects

JAMB Accounts (Principles of Accounts) questions

312 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 101· Control accounts· JAMB

    Returns outwards appear on the

    Explanation and discussion

  2. Question 102· Control accounts· JAMB

    Cash sales are NOT entered in the sales ledger control account because

    Explanation and discussion

  3. Question 103· Control accounts· JAMB

    Opening debtors ₦40,000; credit sales ₦120,000; cash received ₦100,000; discount allowed ₦2,000; bad debts ₦3,000. Closing debtors are

    Explanation and discussion

  4. Question 104· Control accounts· JAMB

    Which of these is entered on the debit side of the purchases ledger control account?

    Explanation and discussion

  5. Question 105· Control accounts· JAMB

    Opening creditors ₦70,000; credit purchases ₦350,000; payments ₦300,000; discount received ₦8,000; returns outwards ₦12,000. Find closing creditors.

    Explanation and discussion

  6. Question 106· Control accounts· JAMB

    Interest charged on overdue customer accounts is entered in the

    Explanation and discussion

  7. Question 107· Control accounts· JAMB

    Which of these is entered on the debit side of a sales ledger control account?

    Explanation and discussion

  8. Question 108· Control accounts· JAMB

    A sales ledger control account is also known as a

    Explanation and discussion

  9. Question 109· Control accounts· JAMB

    Opening creditors ₦40,000; credit purchases ₦220,000; payments to creditors ₦190,000; discounts received ₦4,000; returns outwards ₦6,000. Closing creditors are

    Explanation and discussion

  10. Question 110· Control accounts· JAMB

    Which of the following is entered on the credit side of a purchases ledger control account?

    Explanation and discussion

  11. Question 111· Control accounts· JAMB

    Credit sales are posted to the

    Explanation and discussion

  12. Question 112· Depreciation of non-current assets· JAMB

    Under the straight-line method, depreciation each year is

    Explanation and discussion

  13. Question 113· Depreciation of non-current assets· JAMB

    A machine bought for ₦800,000 is depreciated at 10% per annum on the reducing balance. Depreciation in year 2 is

    Explanation and discussion

  14. Question 114· Depreciation of non-current assets· JAMB

    An asset costing ₦300,000 with accumulated depreciation of ₦180,000 is sold for ₦100,000. The loss on disposal is

    Explanation and discussion

  15. Question 115· Depreciation of non-current assets· JAMB

    Depreciation is caused by

    Explanation and discussion

  16. Question 116· Depreciation of non-current assets· JAMB

    Accumulated depreciation is

    Explanation and discussion

  17. Question 117· Depreciation of non-current assets· JAMB

    A machine costing ₦600,000 is depreciated at 20% per annum on the reducing balance. Its net book value at the end of year 2 is

    Explanation and discussion

  18. Question 118· Depreciation of non-current assets· JAMB

    The sum-of-the-years'-digits method of depreciation charges

    Explanation and discussion

  19. Question 119· Depreciation of non-current assets· JAMB

    Under the reducing balance method, the depreciation charge

    Explanation and discussion

  20. Question 120· Depreciation of non-current assets· JAMB

    A van costing ₦800,000 is depreciated at 25% per annum on the reducing balance. The depreciation for the second year is

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test