Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 1:

• JAMB 2014

One of the the differences between bookkeeping and accounting is that the former

A. Records data while the latter interprets
B. Is regarded as the language of the business while the latter ascertains its strenght
C. Interprets data while the latter records it
D. Summarises information while the latter communicates it

Question 2:

• JAMB 2014

One of the the differences between bookkeeping and accounting is that the former

A. Records data while the latter interprets
B. Is regarded as the language of the business while the latter ascertains its strenght
C. Interprets data while the latter records it
D. Summarises information while the latter communicates it

Question 3:

• JAMB 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A. Matching
B. Consistency
C. Realization
D. Going concern

Question 4:

• JAMB 2014

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

A. Cash account
B. Bank account
C. Suspense account
D. Purchases account

Question 5:

• JAMB 2014

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A. Sales day book
B. Purchases day book
C. Sales subsidiary book
D. Cash book