The ledger and its classifications - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 51:

• JAMB 2019

Transactions are recorded or posted to the ledger in line with

A. Accounting Concept
B. Source document
C. Double Entry Principle
D. Data collection

Question 52:

• JAMB 2019

Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 à— 7 by cheque.

A. Dr Rent A/c; Dr Bank A/c
B. Dr Bank A/c; Cr Rent A/c
C. Dr Rent A/c; Cr Bank A/c
D. Dr Rent A/c; Cr Mr. Roi

Question 53:

• JAMB 2019

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

A. Double entry system
B. Ledger
C. Cash Book
D. Petty Cash Book

Question 54:

• JAMB 2019

The advantage of double entry is that

A. It is easy to prepare the final account
B. It increase assets
C. Has cash and bank column
D. It disburses cash

Question 55:

• JAMB 2019

Accounts can be classified into

A. Cash and credit transactions
B. Cash and credit accounts
C. Personal and private account
D. Personal and impersonal account