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

Question 181:

• JAMB 2019

The rules of double entry states that

A. For every debit entry, there must be a corresponding debit entry
B. For every credit entry, there must be a corresponding credit entry
C. All transactions must be recorded in two accounts, one account is debited and another is credited
D. All transaction must be credited

Question 182:

• JAMB 2019

The difference between double entry and single entry is

A. Double entry is based on the dual concept while single entry is not based on dual concept
B. Double entry is an account while single entry is not an account
C. Double entry keeps personal account while single does not
D. Double entry is useful for business enterprise while single entry is not

Question 183:

• JAMB 2019

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

A. Debit rent account, Credit bank account
B. Debit Rent account, Credit Samson's account
C. Debit Bank account, Credit Rent account
D. Debit Samson's account, Credit Rent account

Question 184:

• JAMB 2019

Given:

Fixed assetsLiabilitiesCurrent assets

₦55,00020,00013,000

What is the capital?

A. ₦88,000
B. ₦48,000
C. ₦62,000
D. ₦55,000

Question 185:

• JAMB 2019

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each

A. 330
B. 420
C. 230
D. 320