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

Question 151:

• JAMB 2015

Preliminary expenses is an example of

A. Fictitious assets
B. Liquid assets
C. Wasting assets
D. Tangible assets

Question 152:

• JAMB 2015

What is the ledger entry for sale of generator on credit to Patrick?

A. Credit sales account and debit Patrick’s account
B. Credit generator account and debit cash account
C. Credit sales account and debit cash account
D. Credit generator account and debit Patrick’s account

Question 153:

• JAMB 2016

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A. #184, 000
B. #196,500
C. #212,000
D. #168,500

Question 154:

• JAMB 2016

The major advantage of the journal proper is that it

A. Helps in the preparation of the balance sheet
B. Prevents fraud and theft of item of the business
C. Serves as a book of instruction to the bookkeeper
D. Help the banking industry to be efficient

Question 155:

• JAMB 2016

Which of the following condition would attract credit and debit notes to be used?

A. When goods are received from supplier
B. When a trial balance is extracted
C. When a buyer is under or over charged
D. When goods are sold to a buyer