Accounts Principles Of Accounts Jamb Past Questions and Answers

Question 91 :

• JAMB 1997

In preparing accounting records, the owner of a business and the business are treated as

A. The same person
B. Having business relationship
C. Separate legal entities
D. Partners

Question 92 :

• JAMB 1997

Creditors use Accounting information for the purpose of

A. Planning sales to a company
B. Controlling a company's affairs
C. Investing in a company
D. Assessing a company's liquidity

Question 93 :

• JAMB 1997

The instrument that are generated when firms enter into business transactions with others are called

A. Purchase document
B. Journals
C. Source documents
D. Invoices

Question 94 :

• JAMB 1997

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

A. Credit note
B. Debit note
C. Invoice
D. Voucher

Question 95 :

• JAMB 1997

The effect of the payment of liability is that it

A. Increase both assets and liabilities
B. Increase assets and decrease liabilities
C. Decrease assets and increase liabilities
D. Decrease both assets and liabilities