Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 441:

• JAMB 2004

The loss of equipment in a fire disaster results in?

A. A decrease in current assets
B. An increase in liabiities and assets
C. A decrease in assets and capital
D. An increase in liabilities and a decrease in assets

Question 442:

• JAMB 2004

A source document is used for verifying the?

A. Amount due to creditors
B. Actual cost of an asset
C. Selling price of goods
D. Amount due from debtors

Question 443:

• JAMB 2004

The rule of accounting equation requires that account payable should be placed under?

A. Liabilities
B. Equities
C. Assets
D. Capital

Question 444:

• JAMB 2004

A debit in the suspense accounting will appear in the balance sheet as?

A. A current asset
B. A current lability
C. Capital
D. Drawings

Question 445:

• JAMB 2004

The receipt whose name appears on a cheque is called a?

A. Payer
B. Drawer
C. Drawee
D. Payee