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JAMB and WAEC Accounts (Principles of Accounts) questions: Control accounts

30 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 21· 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

  2. Question 22· Control accounts· JAMB

    Interest charged on overdue customer accounts is entered in the

    Explanation and discussion

  3. Question 23· Control accounts· WAEC

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

    Explanation and discussion

  4. Question 24· Control accounts· JAMB

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

    Explanation and discussion

  5. Question 25· Control accounts· WAEC

    A purpose of control accounts is to

    Explanation and discussion

  6. Question 26· Control accounts· JAMB

    A sales ledger control account is also known as a

    Explanation and discussion

  7. Question 27· 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

  8. Question 28· Control accounts· JAMB

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

    Explanation and discussion

  9. Question 29· Control accounts· JAMB

    Credit sales are posted to the

    Explanation and discussion

  10. Question 30· Control accounts· WAEC

    Bad debts written off appear on the credit side of the

    Explanation and discussion

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