Jamb Accounts - Principles of Accounts Questions
Question 1:
The basis upon which assets of an organization is valued is the
- A Historical concept
- B Business entity concept
- C Periodicity concept
- D Materiality concept
Question 2:
The basis upon which assets of an organization is valued is the
- A Historical concept
- B Business entity concept
- C Periodicity concept
- D Materiality concept
Question 3:
An accountant must not only be interested in record keeping but also in
- A The application of professional competency
- B The accuracy of postings
- C The casting of financial figures
- D Effective preparation of balance sheet
Question 4:
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
- A Capital and debit liabilities
- B Liabilities and credit assets
- C Assets and credit capital
- D Capital and credit assets
Question 5:
The capital of a sole trader can be increased by
- A Debiting the capital account
- B Crediting the capital account
- C Debiting the cash account
- D Crediting the cash account