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

Question 36:

• JAMB 1998

If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?

A. Overstate income this year and understate in next year
B. Understate income this year and overstate in next year
C. Understate this year's income with no effect on the next year's
D. Overstate the income for the two-year period

Question 37:

• JAMB 1998

The objective of allocating all costs to producer is to?

A. Produce a scientifically accurate cost
B. Avoid unallocated overhead and compute total accounts
C. Co-odinate the cost and financial accounts
D. Compute the contribution of the product to the final profit

Question 38:

• JAMB 1999

A bookkeeping error occurs when there is?

A. A deliberate manipulation of records
B. Unintentional correct posting in the ledger
C. Intentional failure to record transactions completely
D. Incorrect records and oversights that are not intended

Question 39:

• JAMB 1999

When a proprietor withdraws cash from the business for private use, he?

A. Debits cash account and credits drawings account
B. Credits cash account and debits bank account
C. Debits bank account and credits drawings account
D. Credits cash account and debits drawings account

Question 40:

• JAMB 1999

A source document for the sales day book is?

A. A requisition form
B. An invoice
C. A customer advice
D. A credit advice