Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1206:

• JAMB 2018

The accounting entries used to record a cheque issued by a business is to?

A. Debit cash book and credit drawer
B. Credit cash book and debit drawer
C. Debit cash book and credit suspense account
D. Credit cash book and debit suspense account

Question 1207:

• JAMB 2018

In government accounting , the method used which records on the basis of financial entity with self balancing books instead of entity of propietorship is?

A. Virement
B. Fund accounting
C. Consolidated fund
D. Financial regulation

Question 1208:

• JAMB 2018

which of the following affects the accuracy and authenticity of trial balance?

A. Error of ommission
B. Error of commission
C. Error of transposition
D. Error of original entry

Question 1209:

• JAMB 2018

The major advantages of an imprest system is that it ?

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in the preparation for greater responsibility
C. Relieves the chief cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses

Question 1210:

• JAMB 2018

The value of the current assets will be?

A. N10,361
B. N10,651
C. N17,396
D. N17,848