Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 1:

• JAMB 2012

The basis upon which assets of an organization is valued is the

A. Historical concept
B. Business entity concept
C. Periodicity concept
D. Materiality concept

Question 2:

• JAMB 2012

The basis upon which assets of an organization is valued is the

A. Historical concept
B. Business entity concept
C. Periodicity concept
D. Materiality concept

Question 3:

• JAMB 2012

An accountant must not only be interested in record keeping but also in

A. The application of professional competency
B. The accuracy of postings
C. The casting of financial figures
D. Effective preparation of balance sheet

Question 4:

• JAMB 2012

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

A. Capital and debit liabilities
B. Liabilities and credit assets
C. Assets and credit capital
D. Capital and credit assets

Question 5:

• JAMB 2012

The capital of a sole trader can be increased by

A. Debiting the capital account
B. Crediting the capital account
C. Debiting the cash account
D. Crediting the cash account