by Sunday | Dec 9 | Accounting JAMB
Hauwa Ltd bought 10bags of rice for N500 each. The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company’s book? A. N250 B. N570 C. N600 D. N850 Correct Answer: Option C –...
by Sunday | Dec 9 | Accounting JAMB
A. ensuring that debit totals equal credit totals B. posting all journal entries to ledger accounts C. adding all figures in the debit column D. comparing accounts in the ledger against the journals Correct Answer: Option D – comparing accounts in the ledger...
by Sunday | Dec 9 | Accounting JAMB
Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 Share capital N120,000 Creditors N16, 050 Motor expenses N10,500 Debtors N25,000 A. N335,050 B. N333,050 C. N323,050 D. N230,550 Correct Answer: Option B –...
by Sunday | Dec 8 | Accounting JAMB
Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 Share capital N120,000 Creditors N16, 050 Motor expenses N10,500 Debtors N25,000 A. N12,095 B. N12,590 C. N12,905 D. N12,950 Correct Answer: Option D –...
by Sunday | Dec 8 | Accounting JAMB
A. for investment purposes B. for decision making C. to shareholders D. to stockholders Correct Answer: Option B – for decision making
by Sunday | Dec 8 | Accounting JAMB
A. increased financial activities B. government intervention C. credit as a factor in business D. payment for goods in cash Correct Answer: Option A – increased financial activities
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