Conversion of single entry to double entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1998

The statement of affairs prepared from incomplete records can be described as?

A. The summary of all the business transactions of the trader ascertained by the accountant
B. A balance sheet at a particular date showing the assets and liabilities of the business
C. A schedule of all the business ventures entered into for the period to which the records relates
D. The statement that shows the profit or loss made during the period

Question 3:

• JAMB 2001

For an incomplete record to provide necessary information, it must be converted to?

A. Complete records
B. Double entry records
C. Statement of affairs
D. Single entry

Question 4:

• JAMB 2002

In an incomplete record system a trading account cannot be prepared until the?

A. Day book has been balanced
B. Amount of personal drawings has been established
C. Cash book has been balanced
D. Amount os sales and purchases has been established

Question 5:

• JAMB 2003

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A. Suspense account
B. Statement of affairs
C. Realization account
D. Trial balance