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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 6:
Which of the following affects the accuracy and authenticity of the trial balance?
  • A Error of ommission
  • B Error of commission
  • C Error of transposition
  • D Error of original entry
View Answer & Explanation
Question 7:
A ledger is classified into
  • A Private, sales and purchases
  • B Personal, general and private
  • C General, private and sales
  • D Sales, purchases and general
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Question 8:
The book of account in which information from the source documents are recorded consists of
  • A Debit and credit notes
  • B Ledger and subsidiary books
  • C Prepayments and accruals
  • D Profit and loss and balance sheet
View Answer & Explanation
Question 9:
The accounting entries to record a cheque issued by a business is to
  • A Debit cash book and credit drawer
  • B Credit cash book and debit drawer
  • C Debit cash book and credit suspense account
  • D Credit cash book and debit suspense account
View Answer & Explanation
Question 10:
Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?
  • A #25,650
  • B #22,800
  • C #19,950
  • D #18,240
View Answer & Explanation