Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 691:

• JAMB 2009

The process of bookkeeping includes records produced from?

A. Ledgers
B. Source documents
C. Minutes of meeting
D. Intuitive reasoning

Question 692:

• JAMB 2009

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

A. Telephone N3,500 credit XYZ and KLM, N3,500
B. Telephone N3,500, credit cash N3,500
C. Sundries N3,500, credit KLM N3,500
D. Sundries N3,500, credit telephone N3,500

Question 693:

• JAMB 2009

Given:
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?

A. N4 690 000
B. N2 620 000
C. N2 520 000
D. N1 565 000

Question 694:

• JAMB 2009

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

A. Increase in assets and increase in capital
B. Increase in liabilities and decrease in capital
C. Decrease in capital and increase in assets
D. Decrease in capital and decrease in assets

Question 695:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?

A. I and ii
B. Iv and v
C. Iii and v
D. Ii and iv