Jamb Accounts - Principles of Accounts Questions
Question 1:
Transactions are recorded or posted to the ledger in line with
- A Accounting Concept
- B Source document
- C Double Entry Principle
- D Data collection
Question 2:
Transactions are recorded or posted to the ledger in line with
- A Accounting Concept
- B Source document
- C Double Entry Principle
- D Data collection
Question 3:
Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 à— 7 by cheque.
- A Dr Rent A/c; Dr Bank A/c
- B Dr Bank A/c; Cr Rent A/c
- C Dr Rent A/c; Cr Bank A/c
- D Dr Rent A/c; Cr Mr. Roi
Question 4:
A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called
- A Double entry system
- B Ledger
- C Cash Book
- D Petty Cash Book
Question 5:
The advantage of double entry is that
- A It is easy to prepare the final account
- B It increase assets
- C Has cash and bank column
- D It disburses cash