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

Question 31:

• JAMB 2010

The account which refers to the tangible assets of a company that is of permanent nature is the?

A. Personal account
B. Real account
C. Nominal account
D. Cash account

Question 32:

• JAMB 2011

A typical example of a real account is?

A. Prepayment
B. Expenses
C. Plant
D. Income

Question 33:

• JAMB 2012

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

A. Capital and debit liabilities
B. Liabilities and credit assets
C. Assets and credit capital
D. Capital and credit assets

Question 34:

• JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

A. Sugar account #12,000 and credit Jide #12,000
B. Jide #12,000 and credit sales account #12,000
C. Ibrahim #12,000 and credit Jide #12,000
D. Sugar account #12,000 and credit Ibrahim #12,000

Question 35:

• JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be

A. Debit capital and credit cash
B. Credit cash and debit bank
C. Debit cash and credit capital
D. Debit purchases and credit cash