Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 1:

• JAMB 2005

The double principle of accounting was developed by?

A. Frank Wood
B. Luca Pacioli
C. Akintola Williams
D. William Pickles

Question 2:

• JAMB 2005

The double principle of accounting was developed by?

A. Frank Wood
B. Luca Pacioli
C. Akintola Williams
D. William Pickles

Question 3:

• JAMB 2005

The concept that has much influence over asset valuation and income determination is?

A. Entity
B. Realization
C. Conversactism
D. Matching

Question 4:

• JAMB 2005

The journal entries for the purchase of stock on credit are to debit?

A. Stock account and credit cash account
B. Stock account and credit liability account
C. Ourchase account and credit liability account
D. Suspense account and credit cash account

Question 5:

• JAMB 2005

Given:
Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500
What is the capital introduced by the proprietor?

A. N40,800
B. N61,100
C. N88,200
D. N108 500