Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1241:

• JAMB 2019

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

A. Double entry system
B. Ledger
C. Cash Book
D. Petty Cash Book

Question 1242:

• JAMB 2019

The advantage of double entry is that

A. It is easy to prepare the final account
B. It increase assets
C. Has cash and bank column
D. It disburses cash

Question 1243:

• JAMB 2019

Accounts can be classified into

A. Cash and credit transactions
B. Cash and credit accounts
C. Personal and private account
D. Personal and impersonal account

Question 1244:

• JAMB 2019

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

A. Tosanwumi International, credit purchase Account
B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
D. Tosanwumi International ₦150,000, credit credit Account ₦150,000

Question 1245:

• JAMB 2019

If only wages is shown on the trial balance, it should be charged to the

A. Profit and loss account
B. Trading account
C. Balance sheet
D. Wages account