Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1141:

• JAMB 2017

The tier of government that uses financial memorandum

A. Federal government
B. State government
C. Local government
D. Municipal government

Question 1142:

• JAMB 2017

What is the effect of transaction when cash is paid into the bank

A. Bank balance decrease and cash balance increase
B. Bank balance decrease and cash balance decrease
C. Cash balance increase and bank balance increase
D. Cash balance decrease and bank balance increase

Question 1143:

• JAMB 2017

The principle of double entry developed from the axioms of accounting equation is given as

A. Assets + Liability = Equity
B. Assets + Equity = Liabilities
C. Liabilities + Equity = Asset
D. Liabilities + Equity = Net assets

Question 1144:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards

A. ₦9,000
B. ₦2,500
C. ₦3,000
D. ₦1,500

Question 1145:

• JAMB 2017

The correct expression of accounting equation is

A. Assets = Liabilities + Equity
B. Net assets = Liabilities + Equity
C. Assets + Liabilities = Equity
D. Assets = Equity - liabilities