by Sunday | Dec 9 | Accounting JAMB
A. debit bank, credit custmer and credit conyrol account B. credit bank, debit customer, and credit control account C. debit customer, debit control accountand credit bank D. credit control account, debit bank and debit customer Correct Answer: Option B – credit...
by Sunday | Dec 9 | Accounting JAMB
A. a trial balance is not available B. profits are overestimated C. there are no subsidiary books D. there are no control accounts Correct Answer: Option A – a trial balance is not available
by Sunday | Dec 9 | Accounting JAMB
A. the quality of goods produced B. the quantity of goods sold C. a given period of time and a range of activities D. a given period of time and the nature of activity Correct Answer: Option D – a given period of time and the nature of...
by Sunday | Dec 9 | Accounting JAMB
A. day book or general journal B. cash book and ledger accounts showing debtors and creditors balances C. cash journal, sales journal and purchases journal D. day book in which transactions are described in chronological order Correct Answer: Option B – cash...
by Sunday | Dec 9 | Accounting JAMB
Given: Sales Ledger Control Account (Extracts) Balance b/f N10,600 Total cash payments by debtors N32,275 Total credit sales N59,193 Discount received N9,700 Balance c/f N20,751 Discount allowed N2,890 A. N24,577 B. N13,877 C. N7,067 D. N2,890 Correct Answer: Option B...
by Sunday | Dec 9 | Accounting JAMB
A. purchases B. sales C. cost of goods sold D. cost of materials used Correct Answer: Option A – purchases
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