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

Question 26:

• JAMB 2008

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

A. Cash and credit stationery
B. Purchase and credit stationery
C. Stationery and credit cash
D. Stationery and credit purchases

Question 27:

• JAMB 2009

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

A. Telephone N3,500 credit XYZ and KLM, N3,500
B. Telephone N3,500, credit cash N3,500
C. Sundries N3,500, credit KLM N3,500
D. Sundries N3,500, credit telephone N3,500

Question 28:

• JAMB 2009

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

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

Question 29:

• 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
Find the fixed assets?

A. I, ii and v
B. I, ii and iv
C. I, ii and iii
D. Iii, iv and v

Question 30:

• JAMB 2010

Ledger account is mainly classified into?

A. Nominal, real and personal accounts
B. Fixed and current accounts
C. Management, financial and public sector accounting
D. Bank and cash accounts