Accounting equation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 16:

• JAMB 2008

One basic assumption of the double entry theory is that it allows?

A. Two credit entries at the same time
B. Two debit entries at the same time
C. Debit and credit two credit entries at the same time
D. Debit and credit two credit entries in corresponding account

Question 17:

• JAMB 2008

Use the information below to answer question .
Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?

A. N9525
B. N9000
C. N7100
D. N6400

Question 18:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

A. N20 600
B. N15 200
C. N13 800
D. N11 600

Question 19:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?

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

Question 20:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?

A. N9,400
B. N6,000
C. N3,400
D. N3,000