Jamb Accounts - Principles of Accounts Questions
Question 6:
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
- A Credit note
- B Debit note
- C Invoice
- D Voucher
Question 7:
The effect of the payment of liability is that it
- A Increase both assets and liabilities
- B Increase assets and decrease liabilities
- C Decrease assets and increase liabilities
- D Decrease both assets and liabilities
Question 8:
Books of original entry are used for
- A Recording business transactions
- B The adjustment of accounts
- C Reminding the book keeping to post transactions in the ledger
- D Informing the bookkeeper about the state of affairs
Question 9:
The term 'posting' in Accounting refers to
- A Recording entries in the journal
- B Transferring the balance in the ledger to the trial balance
- C Tracing amounts from the journal to the ledger to find errors
- D Transferring entries to the ledger from the journal
Question 10:
Erroneous rearrangement of financial figures such as writing N624 as N 264 is called
- A Transposition
- B Principle
- C Commission
- D Omission