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

Question 186:

• JAMB 2021

The principle of double entry system ensures

A. Balances at the bank
B. Increase in the assets and liabilities
C. Balance of cashbook
D. Mathematical accuracy in trial balance

Question 187:

• JAMB 2021

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

A. Cash and credit stationery
B. Purchases and credit stationery
C. Stationery and credit purchases
D. Stationery and credit cash

Question 188:

• JAMB 2021

A source document is used for verifying the

A. Amount due from debtors
B. Amount due to creditors
C. Selling price of goods
D. Actual cost of an asset

Question 189:

• JAMB 2021

Use the information below to answer this question:

i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

Determine the fixed assets

A. Iii and iv
B. I and v
C. Ii and iv
D. Ii and vi

Question 190:

• JAMB 2021

Use the information below to answer this question:
i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank

What are the current assets?

A. I and v
B. I and ii
C. Ii and iv
D. Iii and v