Principles of Double Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 1994

The expenditure on a good or services which is consumed either immediately or within a current accounting period is called

A. Fixed expenditure
B. Capital expenditure
C. Annual expenditure
D. Recurrent expenditure

Question 12:

• JAMB 1995

Which of the following accounting records are source documents?

A. Journal and ledgers
B. Sales invoice and cash book
C. Cash book and debit note
D. Sales invoice and debit note

Question 13:

• JAMB 1995

Which of the following transaction is BEST recorded in the general journal?

A. Payment of rent with cheque
B. Purchase of stock with cash
C. Purchase of an asset on credit terms
D. Transfer of cash from head office branch

Question 14:

• JAMB 1995

Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

A. Cash account was credited with N500,000 and capital account was debited with N500,000
B. Bank account was debited with N500,000 and capital account was credited with N500,000
C. Bank account was accredited with N500,000
D. Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000

Question 15:

• JAMB 1995

One major advantage of ledger is that it

A. Is a book of original entry
B. Is only accessible to share holders during liquidation
C. Removes the need for preparing a balance sheet after each transaction
D. Can be used by any type of business