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

Question 146:

• JAMB 2015

A sales for N2,570 was recorded in the sales day book as N2750. The error committed was

A. Error of principle
B. Error of commission
C. Error of original entry
D. Compensating error

Question 147:

• JAMB 2015

Which of the following accounts is debited when a delivery van is sold for cash?

A. Sales account
B. Delivery van account
C. Cash account
D. Profit and loss accounts

Question 148:

• JAMB 2015

If a trail balance is in agreement, one of the statement is untrue

A. The accounting system is error free
B. Equal debit entries and credit entries were recorded for each transaction
C. The debit and credit from the journal were posted to the accounts
D. Account balances were correctly computed

Question 149:

• JAMB 2015

If rent account is debited instead of rate account, the error committed is that of;

A. Omission
B. Commission
C. Principle
D. Original entry

Question 150:

• JAMB 2015

To realize an asset means to

A. Mortgage it
B. Open its account in the ledger
C. Turn it to cash
D. Give it out as a collateral