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

Question 101:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?

A. I, ii and v
B. I, ii and iv
C. I, ii and iii
D. Iii, iv and v

Question 102:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?

A. N9,400
B. N6,000
C. N3,400
D. N3,000

Question 103:

• JAMB 2009

Which of the following items are current assets?

A. Stock, bills receivable, cash and debtors
B. Stock, bill payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable

Question 104:

• JAMB 2010

Ledger account is mainly classified into?

A. Nominal, real and personal accounts
B. Fixed and current accounts
C. Management, financial and public sector accounting
D. Bank and cash accounts

Question 105:

• JAMB 2010

If salary account is debited instead of stationary account, the error committed is that of?

A. Commission
B. Omission
C. Principle
D. Compensation