Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1111:

• JAMB 2017

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

A. Original entry
B. Contra entry
C. Prime entry
D. Contract entry

Question 1112:

• JAMB 2017

What is the main purpose of transaction file?

A. To record assets and liabilities
B. To update income and expenses
C. To update master files
D. To make organization decision

Question 1113:

• JAMB 2017

Processed data is only useful to user if it is

A. Complex
B. Quantitative
C. Relevant
D. Qualitative

Question 1114:

• JAMB 2017

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

A. I,II and IV
B. I & III
C. I,II and III
D. I, III and IV

Question 1115:

• JAMB 2017

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

A. Provisional general warrant
B. Annual general warrant
C. Reserved expenditure warrant
D. Contigencies