Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 556:

• JAMB 2006

The use of a three-column cash book is determine by?

A. Cash discounts
B. Trade discounts
C. Cash transactions
D. Bank transactions

Question 557:

• JAMB 2006

A major factor that enhanced the early development of accounting is the?

A. Industrial Revolution
B. Growing of trade and commerce
C. Development of arithmetic
D. Invention of writing

Question 558:

• JAMB 2006

which of the following is source of document for the preparation of debtors' ledger account?

A. Debit note
B. General journal
C. Purchases invoice
D. Sales invoice

Question 559:

• JAMB 2006

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?

A. Entity
B. Materiality
C. Realization
D. Accrual

Question 560:

• JAMB 2006

Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?

A. An error of principles
B. A compensating error
C. An error of commission
D. An error omission