Principles of Double Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 51:

• JAMB 2000

An expenses account is closed by a debit to?

A. An asset account and a credit to the expenses account
B. The expenses account and a credit to an asset account
C. Profit and loss account and a creit to the expenses account
D. The expenses account and a credit to profit and loss account

Question 52:

• JAMB 2000

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?

A. Debit bank, credit custmer and credit conyrol account
B. Credit bank, debit customer, and credit control account
C. Debit customer, debit control accountand credit bank
D. Credit control account, debit bank and debit customer

Question 53:

• JAMB 2001

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

A. N2,241
B. N2,214
C. N2,141
D. N2,114

Question 54:

• JAMB 2001

The accuracy of journalist is checked by?

A. Ensuring that debit totals equal credit totals
B. Posting all journal entries to ledger accounts
C. Adding all figures in the debit column
D. Comparing accounts in the ledger against the journals

Question 55:

• JAMB 2001

Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?

A. N3,000
B. N6,000
C. N10,000
D. N13,000