Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 841:

• JAMB 2012

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

A. Capital and debit liabilities
B. Liabilities and credit assets
C. Assets and credit capital
D. Capital and credit assets

Question 842:

• JAMB 2012

The capital of a sole trader can be increased by

A. Debiting the capital account
B. Crediting the capital account
C. Debiting the cash account
D. Crediting the cash account

Question 843:

• JAMB 2012

Akirika bought a motor van for his business by cash. The entries are to debit

A. Motor van and credit Akirika
B. Sales and credit Akrika
C. Motor van and credit cash
D. Cash and credit motor van

Question 844:

• JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

A. Sugar account #12,000 and credit Jide #12,000
B. Jide #12,000 and credit sales account #12,000
C. Ibrahim #12,000 and credit Jide #12,000
D. Sugar account #12,000 and credit Ibrahim #12,000

Question 845:

• JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit

A. Purchases #12,000 and credit Ibrahim #12,000
B. Purchases #12,000 and credit sugar account #12,000
C. Jide #12,000 and credit purchases
D. Ibrahim #12,000 and sugar account #12,000