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

Question 116:

• JAMB 2011

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

A. Debtors' account
B. Creditor's account
C. Suspense account
D. Ledger account

Question 117:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?

A. Iii and v
B. Ii and iii
C. Iv and v
D. I and ii

Question 118:

• JAMB 2011

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?

A. Iii and v
B. Ii and i
C. Iv and v
D. I and iv

Question 119:

• JAMB 2011

A typical example of a real account is?

A. Prepayment
B. Expenses
C. Plant
D. Income

Question 120:

• JAMB 2012

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

A. Capital and debit liabilities
B. Liabilities and credit assets
C. Assets and credit capital
D. Capital and credit assets