Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1281:

• JAMB 2019

The difference between double entry and single entry is

A. Double entry is based on the dual concept while single entry is not based on dual concept
B. Double entry is an account while single entry is not an account
C. Double entry keeps personal account while single does not
D. Double entry is useful for business enterprise while single entry is not

Question 1282:

• JAMB 2019

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

A. Debit rent account, Credit bank account
B. Debit Rent account, Credit Samson's account
C. Debit Bank account, Credit Rent account
D. Debit Samson's account, Credit Rent account

Question 1283:

• JAMB 2019

The purpose of profit and loss account is to ascertain

A. Gross profit
B. Capital
C. Expenses
D. Net profit

Question 1284:

• JAMB 2019

Discount received is charge to

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

Question 1285:

• JAMB 2019

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


What was the cost of goods sold?

A. ₦25,000
B. ₦35,000
C. ₦50,000
D. ₦75,000