Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 41:

• JAMB 2019

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

A. Increase in assets of motor vehicle account
B. Decrease in assets of motor vehicle account
C. Increase in assets of bank account
D. Increase in liabilities of bank account

Question 42:

• JAMB 2019

A proprietor withdraws cash from the business for private use, he

A. Credits cash account and debits bank account
B. Credits cash account and debits drawing A/C
C. Debits cash account and credits drawings account
D. Debits bank account and credits drawings account

Question 43:

• JAMB 2019

The rules of double entry states that

A. For every debit entry, there must be a corresponding debit entry
B. For every credit entry, there must be a corresponding credit entry
C. All transactions must be recorded in two accounts, one account is debited and another is credited
D. All transaction must be credited

Question 44:

• JAMB 2019

The difference between double entry and single entry is

A. Double entry is based on the dual concept while single entry is not based on dual concept
B. Double entry is an account while single entry is not an account
C. Double entry keeps personal account while single does not
D. Double entry is useful for business enterprise while single entry is not

Question 45:

• JAMB 2019

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

A. Debit rent account, Credit bank account
B. Debit Rent account, Credit Samson's account
C. Debit Bank account, Credit Rent account
D. Debit Samson's account, Credit Rent account