AdmitMe
All subjects

WAEC 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 · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Control accounts· WAEC

    Which of these appears on the credit side of the purchases ledger control account?

    Explanation and discussion

  2. Question 2· Control accounts· WAEC

    Cheques paid to suppliers are entered in the purchases ledger control account on the

    Explanation and discussion

  3. Question 3· Control accounts· WAEC

    Interest charged to a customer on an overdue account is entered in the sales ledger control account on the

    Explanation and discussion

  4. Question 4· Control accounts· WAEC

    In the sales ledger control account, credit sales are entered on the

    Explanation and discussion

  5. Question 5· Control accounts· WAEC

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

    Explanation and discussion

  6. Question 6· Control accounts· WAEC

    Opening creditors ₦20,000; credit purchases ₦60,000; payments ₦55,000; returns outwards ₦3,000. Closing creditors are

    Explanation and discussion

  7. Question 7· Control accounts· WAEC

    A sales ledger control account is also called a

    Explanation and discussion

  8. Question 8· Control accounts· WAEC

    A sales ledger control account is prepared to

    Explanation and discussion

  9. Question 9· Control accounts· WAEC

    Control accounts help to

    Explanation and discussion

  10. Question 10· Control accounts· WAEC

    Discount received appears in the

    Explanation and discussion

  11. Question 11· Control accounts· WAEC

    A contra (set-off) entry between the control accounts arises when

    Explanation and discussion

  12. Question 12· Control accounts· WAEC

    Opening receivables were ₦50,000. Credit sales were ₦300,000, cash received from customers ₦220,000 and returns inwards ₦10,000. Find the closing receivables.

    Explanation and discussion

  13. Question 13· Control accounts· WAEC

    Opening debtors ₦12,000, credit sales ₦50,000, cash received ₦45,000. Closing debtors are

    Explanation and discussion

  14. Question 14· Control accounts· WAEC

    A purpose of control accounts is to

    Explanation and discussion

  15. Question 15· Control accounts· WAEC

    Bad debts written off appear on the credit side of the

    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