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

Question 26:

• JAMB 1997

The term 'posting' in Accounting refers to

A. Recording entries in the journal
B. Transferring the balance in the ledger to the trial balance
C. Tracing amounts from the journal to the ledger to find errors
D. Transferring entries to the ledger from the journal

Question 27:

• JAMB 1997

Erroneous rearrangement of financial figures such as writing N624 as N 264 is called

A. Transposition
B. Principle
C. Commission
D. Omission

Question 28:

• JAMB 1997

Which of the following demonstrates the imprest system?

A. Float → expenses paid → cash in bank → float
B. Float → cash from bank → expenses paid → float
C. Float → expenses paid→ cash from bank → float
D. Float → cash in bank → expenses paid → float

Question 29:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A. Debit rent account and credited adjustment account
B. Debit prepayment account and credit rent account
C. Debit rent account and credit prepayment account
D. Debit adjustment account and credit prepayment account

Question 30:

• JAMB 1997

In the absence of a sales day book or sales account the credit for sales can be computed from

A. Creditors control account
B. Debtors control account
C. Opening figures of the balance sheet
D. Closing figures of the balance sheet