Incomplete Records and Single Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2000

The simplest form of single entry procedure consists fo keeping a?

A. Day book or general journal
B. Cash book and ledger accounts showing debtors and creditors balances
C. Cash journal, sales journal and purchases journal
D. Day book in which transactions are described in chronological order

Question 12:

• JAMB 2000

One of the advantage of the shortcomings of single entry procedures is that?

A. A trial balance is not available
B. Profits are overestimated
C. There are no subsidiary books
D. There are no control accounts

Question 13:

• JAMB 2000

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

A. Sales income
B. Receipt from debtors
C. Fixtures and fittings
D. Rent paid

Question 14:

• JAMB 2001

For an incomplete record to provide necessary information, it must be converted to?

A. Complete records
B. Double entry records
C. Statement of affairs
D. Single entry

Question 15:

• JAMB 2001

Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?

A. Current asset
B. Current liability
C. Fixed asset
D. Capital