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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 556:
The use of a three-column cash book is determine by?
  • A Cash discounts
  • B Trade discounts
  • C Cash transactions
  • D Bank transactions
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Question 557:
A major factor that enhanced the early development of accounting is the?
  • A Industrial Revolution
  • B Growing of trade and commerce
  • C Development of arithmetic
  • D Invention of writing
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Question 558:
which of the following is source of document for the preparation of debtors' ledger account?
  • A Debit note
  • B General journal
  • C Purchases invoice
  • D Sales invoice
View Answer & Explanation
Question 559:
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
  • A Entity
  • B Materiality
  • C Realization
  • D Accrual
View Answer & Explanation
Question 560:
Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?
  • A An error of principles
  • B A compensating error
  • C An error of commission
  • D An error omission
View Answer & Explanation