Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 641:

• JAMB 2008

A financial analyst needs accounting information to?

A. Maintain the production section of the business
B. Know why transactions cause increase and decreases in assets
C. Advise on how to manage the business
D. Know how to record transaction in T account

Question 642:

• JAMB 2008

One basic assumption of the double entry theory is that it allows?

A. Two credit entries at the same time
B. Two debit entries at the same time
C. Debit and credit two credit entries at the same time
D. Debit and credit two credit entries in corresponding account

Question 643:

• JAMB 2008

Given:
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?

A. N64 300
B. N46 825
C. N41 850
D. N33 325

Question 644:

• JAMB 2008

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

A. Cash and credit stationery
B. Purchase and credit stationery
C. Stationery and credit cash
D. Stationery and credit purchases

Question 645:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?

A. I and v
B. Ii and iv
C. Ii and vi
D. Iii and iv