The Ledger And Its Classifications - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 1 :

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2 :

• JAMB 1994

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

A. Debit generator account and credit cash account
B. Debit purchases account and credit cash account
C. Debit cash accounts and credit purchases account
D. Debit cash account and credit generator account

Question 3 :

• JAMB 1994

What is the cardinal rule of the double entry system?

A. Debit the increasing account and credit the decreasing account
B. Debit the receiving account and credit the giving account
C. Debit the asset account and credit the liability account
D. Debit the revenue account and credit the expenditure account

Question 4 :

• JAMB 1994

The use of the folio in the ledger is for

A. Referencing purposes
B. Particulars of the transaction
C. The account titles
D. Only credit items

Question 5 :

• JAMB 1994

when shares issued are paid for, accounting entry required is

A. Debit bank or cash account and credit share capital and/or premium account
B. Credit bank or cash account and debit share capital and/or premium account
C. Debit shares account and credit capital account
D. Credit shares account and debit capital account