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

Question 76:

• JAMB 2005

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?

A. N22 320
B. N17 200
C. N12 080
D. 5 120

Question 77:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 78:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 79:

• JAMB 2006

which of the following is source of document for the preparation of debtors' ledger account?

A. Debit note
B. General journal
C. Purchases invoice
D. Sales invoice

Question 80:

• JAMB 2006

Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?

A. An error of principles
B. A compensating error
C. An error of commission
D. An error omission