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

Question 71:

• JAMB 2005

The journal entries for the purchase of stock on credit are to debit?

A. Stock account and credit cash account
B. Stock account and credit liability account
C. Ourchase account and credit liability account
D. Suspense account and credit cash account

Question 72:

• JAMB 2005

Given:
Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500
What is the capital introduced by the proprietor?

A. N40,800
B. N61,100
C. N88,200
D. N108 500

Question 73:

• JAMB 2005

Given:
Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000
The total trial balance is?

A. N110,000
B. N65,000
C. N55,000
D. N45,000

Question 74:

• JAMB 2005

What are the appropriate recording procedures for entries in the trial balance?

A. Source documents, ledgers and trial balance
B. Ledgers, trial balance and source documents
C. Ledgers, source documents and trial balance
D. Cash account, ledgers and trial balance

Question 75:

• JAMB 2005

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

A. Omission
B. Principle
C. Commission
D. Original entry