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Jamb Accounts - Principles of Accounts Past QuestionsQuestion 491:The concept that has much influence over asset valuation and income determination is? A. Entity B. Realization C. Conversactism D. Matching Question 492:The journal entries for the purchase of stock on credit are to debit? A. Stock account and credit cash account B. Stock account and credit liability account C. Ourchase account and credit liability account D. Suspense account and credit cash account Question 493:Given: Liabilities..............N23,700 Current assets...........N20,300 Fixed assets.............N64,500 What is the capital introduced by the proprietor? A. N40,800 B. N61,100 C. N88,200 D. N108 500 Question 494:Given: Rent..............N10,000 Rates.............N5,000 Capital...........N50,000 Salaries..........N14,000 Cash..............N26,000 Creditors..........N5,000 The total trial balance is? A. N110,000 B. N65,000 C. N55,000 D. N45,000 Question 495:What are the appropriate recording procedures for entries in the trial balance? A. Source documents, ledgers and trial balance B. Ledgers, trial balance and source documents C. Ledgers, source documents and trial balance D. Cash account, ledgers and trial balance |
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