Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 936:

• JAMB 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A. Matching
B. Consistency
C. Realization
D. Going concern

Question 937:

• JAMB 2014

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

A. Cash account
B. Bank account
C. Suspense account
D. Purchases account

Question 938:

• JAMB 2014

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A. Sales day book
B. Purchases day book
C. Sales subsidiary book
D. Cash book

Question 939:

• JAMB 2014

Which of the following affects the accuracy and authenticity of the trial balance?

A. Error of ommission
B. Error of commission
C. Error of transposition
D. Error of original entry

Question 940:

• JAMB 2014

A ledger is classified into

A. Private, sales and purchases
B. Personal, general and private
C. General, private and sales
D. Sales, purchases and general