Accounting equation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2003

Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?

A. N1000 + N500 + N1500 = N3000
B. N1000 - N500 + N1500 = N2000
C. N1000 + N500 = N1500
D. N1500 + N500 = N2000

Question 7:

• JAMB 2004

The loss of equipment in a fire disaster results in?

A. A decrease in current assets
B. An increase in liabiities and assets
C. A decrease in assets and capital
D. An increase in liabilities and a decrease in assets

Question 8:

• JAMB 2004

The rule of accounting equation requires that account payable should be placed under?

A. Liabilities
B. Equities
C. Assets
D. Capital

Question 9:

• 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 10:

• 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