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

Question 61:

• JAMB 2002

The concise statement used to explain entries in the general journal is known as?

A. Narration
B. Summary
C. Information
D. Commentary

Question 62:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

A. N9700
B. N8700
C. N7900
D. N7800

Question 63:

• JAMB 2003

The transaction that completes its double entry in the same ledger account appears in?

A. Cash account and personal account
B. Bank account and general ledger
C. Discount received and discount allowed
D. Cash account and bank accont

Question 64:

• JAMB 2003

The recording phase of accounting is known as?

A. Bookkeeping
B. Trial balancing
C. Ledger accounting
D. Final accounting

Question 65:

• JAMB 2003

Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?

A. N1000 + N500 + N1500 = N3000
B. N1000 - N500 + N1500 = N2000
C. N1000 + N500 = N1500
D. N1500 + N500 = N2000