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

Question 191:

• JAMB 2021

The accounting method that reports incomes when earned and expenses when incurred is called

A. Accrual accounting
B. Cash accounting
C. Fund accounting
D. Commitment accounting

Question 192:

• JAMB 2021

Given:
₦
Bank overdraft 2,000
Cash 2,000
Furniture 4,000
Derive the total amount on the credit side of the trial balance

A. ₦4000
B. ₦6000
C. ₦2000
D. ₦8000