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

Question 176:

• JAMB 2019

The advantage of double entry is that

A. It is easy to prepare the final account
B. It increase assets
C. Has cash and bank column
D. It disburses cash

Question 177:

• JAMB 2019

Accounts can be classified into

A. Cash and credit transactions
B. Cash and credit accounts
C. Personal and private account
D. Personal and impersonal account

Question 178:

• JAMB 2019

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

A. Tosanwumi International, credit purchase Account
B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
D. Tosanwumi International ₦150,000, credit credit Account ₦150,000

Question 179:

• JAMB 2019

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

A. Increase in assets of motor vehicle account
B. Decrease in assets of motor vehicle account
C. Increase in assets of bank account
D. Increase in liabilities of bank account

Question 180:

• JAMB 2019

A proprietor withdraws cash from the business for private use, he

A. Credits cash account and debits bank account
B. Credits cash account and debits drawing A/C
C. Debits cash account and credits drawings account
D. Debits bank account and credits drawings account