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JAMB Accounts (Principles of Accounts) questions: Control accounts

15 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 1· Control accounts· JAMB

    Control accounts help management to

    Explanation and discussion

  2. Question 2· Control accounts· JAMB

    A set-off (contra) between the sales and purchases ledgers occurs when

    Explanation and discussion

  3. Question 3· Control accounts· JAMB

    Returns outwards appear in the purchases ledger control account on the

    Explanation and discussion

  4. Question 4· Control accounts· JAMB

    Opening debtors ₦60,000; credit sales ₦300,000; cash received from debtors ₦250,000; discounts allowed ₦5,000; returns inwards ₦8,000; bad debts written off ₦2,000. The closing debtors balance is

    Explanation and discussion

  5. Question 5· Control accounts· JAMB

    Returns outwards appear on the

    Explanation and discussion

  6. Question 6· Control accounts· JAMB

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

    Explanation and discussion

  7. Question 7· 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

  8. Question 8· Control accounts· JAMB

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

    Explanation and discussion

  9. Question 9· 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

  10. Question 10· Control accounts· JAMB

    Interest charged on overdue customer accounts is entered in the

    Explanation and discussion

  11. Question 11· Control accounts· JAMB

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

    Explanation and discussion

  12. Question 12· Control accounts· JAMB

    A sales ledger control account is also known as a

    Explanation and discussion

  13. Question 13· 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

  14. Question 14· Control accounts· JAMB

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

    Explanation and discussion

  15. Question 15· Control accounts· JAMB

    Credit sales are posted to the

    Explanation and discussion

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