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

Question 21:

• JAMB 1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is

A. N5,750
B. N5,650
C. N3,200
D. N2,300

Question 22:

• JAMB 1997

The instrument that are generated when firms enter into business transactions with others are called

A. Purchase document
B. Journals
C. Source documents
D. Invoices

Question 23:

• JAMB 1997

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

A. Credit note
B. Debit note
C. Invoice
D. Voucher

Question 24:

• JAMB 1997

The effect of the payment of liability is that it

A. Increase both assets and liabilities
B. Increase assets and decrease liabilities
C. Decrease assets and increase liabilities
D. Decrease both assets and liabilities

Question 25:

• JAMB 1997

Books of original entry are used for

A. Recording business transactions
B. The adjustment of accounts
C. Reminding the book keeping to post transactions in the ledger
D. Informing the bookkeeper about the state of affairs