Jamb Accounts - Principles of Accounts Questions
Question 41:
Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
- A Increase in assets of motor vehicle account
- B Decrease in assets of motor vehicle account
- C Increase in assets of bank account
- D Increase in liabilities of bank account
Question 42:
A proprietor withdraws cash from the business for private use, he
- A Credits cash account and debits bank account
- B Credits cash account and debits drawing A/C
- C Debits cash account and credits drawings account
- D Debits bank account and credits drawings account
Question 43:
The rules of double entry states that
- A For every debit entry, there must be a corresponding debit entry
- B For every credit entry, there must be a corresponding credit entry
- C All transactions must be recorded in two accounts, one account is debited and another is credited
- D All transaction must be credited
Question 44:
The difference between double entry and single entry is
- A Double entry is based on the dual concept while single entry is not based on dual concept
- B Double entry is an account while single entry is not an account
- C Double entry keeps personal account while single does not
- D Double entry is useful for business enterprise while single entry is not
Question 45:
A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
- A Debit rent account, Credit bank account
- B Debit Rent account, Credit Samson's account
- C Debit Bank account, Credit Rent account
- D Debit Samson's account, Credit Rent account