JAMB Accounting 2015 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

The balance on a purchases ledger control account represents the

A. present amount that a business owes its suppliersCorrect
B. total credit available to the business at the end of the year to be utilized in future
C. total credit the business enjoyed for the particular year from its suppliers
D. total credit owed to the business by its customers

Explanation

The purchases ledger control account (total creditors control account) shows the total amount a business currently owes to its suppliers.

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