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JAMB and WAEC Accounts (Principles of Accounts) questions

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 201· 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

  2. Question 202· Control accounts· WAEC

    A sales ledger control account is also called a

    Explanation and discussion

  3. Question 203· Control accounts· JAMB

    Returns outwards appear on the

    Explanation and discussion

  4. Question 204· Control accounts· WAEC

    A sales ledger control account is prepared to

    Explanation and discussion

  5. Question 205· Control accounts· WAEC

    Control accounts help to

    Explanation and discussion

  6. Question 206· Control accounts· WAEC

    Discount received appears in the

    Explanation and discussion

  7. Question 207· Control accounts· JAMB

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

    Explanation and discussion

  8. Question 208· 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

  9. Question 209· Control accounts· JAMB

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

    Explanation and discussion

  10. Question 210· Control accounts· WAEC

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

    Explanation and discussion

  11. Question 211· 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

  12. Question 212· 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

  13. Question 213· Control accounts· JAMB

    Interest charged on overdue customer accounts is entered in the

    Explanation and discussion

  14. Question 214· Control accounts· WAEC

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

    Explanation and discussion

  15. Question 215· Control accounts· JAMB

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

    Explanation and discussion

  16. Question 216· Control accounts· WAEC

    A purpose of control accounts is to

    Explanation and discussion

  17. Question 217· Control accounts· JAMB

    A sales ledger control account is also known as a

    Explanation and discussion

  18. Question 218· 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

  19. Question 219· Control accounts· JAMB

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

    Explanation and discussion

  20. Question 220· Control accounts· JAMB

    Credit sales are posted to the

    Explanation and discussion

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