2010 - JAMB Accounting Past Questions & Answers - page 5

41
The summary of receipts ans payments account represent?
A
cash at hand
B
journal proper
C
general journal
D
ledger accounts
CORRECT OPTION: a
42
The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?
A
N7 000 loss
B
N5 000 loss
C
N5 000 profit
D
N7 000 profit
CORRECT OPTION: a
43
If goods were returned to branch by the customers, the correct posting for this transaction is to debit?
A
branch debtor's account and credit head office account
B
head office account and credit branch stock account
C
branch stock account and credit branch debtors' account
D
branch cash account and credit branch stock account
CORRECT OPTION: c
44
The branch expenses paid by the head office is recorded in the books by debiting branch?
A
bad debt account and crediting branch debtor's account
B
expenses account and crediting bank account
C
profit and loss account and crediting branch stock account
D
discount allowed account and crediting branch debtors' account
CORRECT OPTION: b
45
Goods returned to branch by customers is recorded in the head office books be debiting?
A
bank account and crediting branch stock account
B
goods sent to branch account and crediting branch debtors''account
C
branch stock account and crediting branch debtors account
D
branch debtors' and credting cash acount
CORRECT OPTION: b
46
Which of the following is mostly used in treating partners' current earnings?
A
Savings account
B
Current account
C
Capital account
D
Share capital account
CORRECT OPTION: b
47
The salary of a partner is usually debited to the?
A
sundry debtors' account
B
appropriation account
C
profit and loss account
D
suncry current account
CORRECT OPTION: b
48
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?
A
memorandum
B
bye-law
C
deed
D
financial regulation
CORRECT OPTION: c
49
The interest on partners' loans is?
A
debited in current account
B
credited in profit and loss account
C
debited in profit and loss account
D
credited in current account
CORRECT OPTION: c
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