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

Question 31:

• JAMB 2017

The principle of double entry developed from the axioms of accounting equation is given as

A. Assets + Liability = Equity
B. Assets + Equity = Liabilities
C. Liabilities + Equity = Asset
D. Liabilities + Equity = Net assets

Question 32:

• JAMB 2017

The correct expression of accounting equation is

A. Assets = Liabilities + Equity
B. Net assets = Liabilities + Equity
C. Assets + Liabilities = Equity
D. Assets = Equity - liabilities

Question 33:

• JAMB 2018

The value of the current assets will be?

A. N10,361
B. N10,651
C. N17,396
D. N17,848

Question 34:

• JAMB 2018

Balance sheet (extract)

	N
Creditors	7,940
Prepaid expenses	290
Accrual expenses	323
Stock	4,500
Cash balances	4,956
Debtors	905

Use the information in the above table to answer the question.


Determine the current liabilities.

A. N8,553
B. N8,263
C. N7,940
D. N1,228

Question 35:

• JAMB 2019

Given:

Fixed assetsLiabilitiesCurrent assets

₦55,00020,00013,000

What is the capital?

A. ₦88,000
B. ₦48,000
C. ₦62,000
D. ₦55,000