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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 1:

Accounting information seeks to provide

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A Permanent records for all transactions
B Analysis of accounts to trade debtors
C Audited reports on the accounts of a company
D Data about the employees of a company

View Answer & Explanation

Question 2:

Accounting information seeks to provide

SchoolNGR Classroom

A Permanent records for all transactions
B Analysis of accounts to trade debtors
C Audited reports on the accounts of a company
D Data about the employees of a company

View Answer & Explanation

Question 3:

When the debit side total of an account, it means that the account has

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A Been overdrawn
B Been understand
C Debit balance
D Credit balance

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Question 4:

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be

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A Debit capital and credit cash
B Credit cash and debit bank
C Debit cash and credit capital
D Debit purchases and credit cash

View Answer & Explanation

Question 5:

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be

SchoolNGR Classroom

A Debit Agromachinex and credit cash
B Debit equipment and credit Agromachinex
C Credit capital and debit cash
D Credit cash and debit purchases

View Answer & Explanation

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