Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 6:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?

A. N5000
B. N1900
C. N1000
D. N950

Question 7:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?

A. Cash and credit bank
B. Bank and credit cash
C. Cash and credit cash
D. Bank and credit bank

Question 8:

• JAMB 2003

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

A. Realization concept
B. Substance over form
C. Conservatism
D. Measurement concept

Question 9:

• JAMB 2003

The transaction that completes its double entry in the same ledger account appears in?

A. Cash account and personal account
B. Bank account and general ledger
C. Discount received and discount allowed
D. Cash account and bank accont

Question 10:

• JAMB 2003

The recording phase of accounting is known as?

A. Bookkeeping
B. Trial balancing
C. Ledger accounting
D. Final accounting