Jamb Accounting Past Questions For Year 2015
Question 6
The ledger entries to be made if cash sales is banked is debit
- A. cash, credit sales
- B. sales, credit cash
- C. bank, credit cash
- D. bank, credit sales
Question 7
CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be
- A. N9, N1740; N120
- B. N90, N990
- C. N90, N870; N120
- D. N80, N750
Question 8
When the invoice of a customer is overcast, the supplier will send to him a
- A. debit note
- B. cheque
- C. credit note
- D. payment voucher
Question 9
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
- A. 28 days
- B. 42 days
- C. 27 days
- D. 23 days
Question 10
The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention
- A. marching
- B. consistency
- C. realization
- D. prudency
