Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1276:

• JAMB 2019

One of these is not a similarity between Joint Venture and Partnership.

A. AIM is profit making
B. It is for a specific venture
C. Involves two people
D. Have rights and duties

Question 1277:

• JAMB 2019

Majority of commercial transactions are termed credit transactions, which means

A. The buyers pay immediately for goods bought
B. Settlement is deferred to a future date
C. No account will be opened
D. Item of expenditure increases

Question 1278:

• JAMB 2019

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

A. Increase in assets of motor vehicle account
B. Decrease in assets of motor vehicle account
C. Increase in assets of bank account
D. Increase in liabilities of bank account

Question 1279:

• JAMB 2019

A proprietor withdraws cash from the business for private use, he

A. Credits cash account and debits bank account
B. Credits cash account and debits drawing A/C
C. Debits cash account and credits drawings account
D. Debits bank account and credits drawings account

Question 1280:

• JAMB 2019

The rules of double entry states that

A. For every debit entry, there must be a corresponding debit entry
B. For every credit entry, there must be a corresponding credit entry
C. All transactions must be recorded in two accounts, one account is debited and another is credited
D. All transaction must be credited