Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 11:

• JAMB 2017

Which of these is the subsidiary book for return inwards?

A. Sales day book
B. Sales return journal
C. Purchases day journal
D. Cash book

Question 12:

• JAMB 2017

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

A. Original entry
B. Contra entry
C. Prime entry
D. Contract entry

Question 13:

• JAMB 2017

What is the main purpose of transaction file?

A. To record assets and liabilities
B. To update income and expenses
C. To update master files
D. To make organization decision

Question 14:

• JAMB 2017

Processed data is only useful to user if it is

A. Complex
B. Quantitative
C. Relevant
D. Qualitative

Question 15:

• JAMB 2017

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

A. I,II and IV
B. I & III
C. I,II and III
D. I, III and IV