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

Question 66:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account

A. N6 900
B. N6400
C. N5000
D. N4000

Question 67:

• JAMB 2004

The loss of equipment in a fire disaster results in?

A. A decrease in current assets
B. An increase in liabiities and assets
C. A decrease in assets and capital
D. An increase in liabilities and a decrease in assets

Question 68:

• JAMB 2004

A source document is used for verifying the?

A. Amount due to creditors
B. Actual cost of an asset
C. Selling price of goods
D. Amount due from debtors

Question 69:

• JAMB 2004

The rule of accounting equation requires that account payable should be placed under?

A. Liabilities
B. Equities
C. Assets
D. Capital

Question 70:

• JAMB 2004

A debit in the suspense accounting will appear in the balance sheet as?

A. A current asset
B. A current lability
C. Capital
D. Drawings