Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 41:

• JAMB 1995

An effective accounting system should provide information

A. On new product and methods
B. For cutomer feed back and requirement
C. On internal and external reporting for managers and third parties
D. For promoters, directors, labour union and distributors

Question 42:

• JAMB 1995

Which of the following accounting records are source documents?

A. Journal and ledgers
B. Sales invoice and cash book
C. Cash book and debit note
D. Sales invoice and debit note

Question 43:

• JAMB 1995

Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.

A. N19,650
B. N18,650
C. N17,850
D. NN16,850

Question 44:

• JAMB 1995

Which of the following transaction is BEST recorded in the general journal?

A. Payment of rent with cheque
B. Purchase of stock with cash
C. Purchase of an asset on credit terms
D. Transfer of cash from head office branch

Question 45:

• JAMB 1995

Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

A. Cash account was credited with N500,000 and capital account was debited with N500,000
B. Bank account was debited with N500,000 and capital account was credited with N500,000
C. Bank account was accredited with N500,000
D. Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000