The ledger and its classifications - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2002

The normal accounting entry to record the dishonor of a businessman is to?

A. Debit cash book and credit suspense account
B. Debit cash book and credit drawer
C. Credit caah book and debit suspense account
D. Credit cash book and debit drawer

Question 22:

• JAMB 2003

The transaction that completes its double entry in the same ledger account appears in?

A. Cash account and personal account
B. Bank account and general ledger
C. Discount received and discount allowed
D. Cash account and bank accont

Question 23:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account

A. N6 900
B. N6400
C. N5000
D. N4000

Question 24:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 25:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account