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Tuesday, 21 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Topic: Nature and Significance of Book keeping and Accounting

Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting

Question 76:
The rule of accounting equation requires that account payable should be placed under?
  • A Liabilities
  • B Equities
  • C Assets
  • D Capital
View Answer & Explanation
Question 77:
A debit in the suspense accounting will appear in the balance sheet as?
  • A A current asset
  • B A current lability
  • C Capital
  • D Drawings
View Answer & Explanation
Question 78:
The imprest account is subsidiary to the?
  • A Ledger account
  • B Bank account
  • C Cash book
  • D Bank column
View Answer & Explanation
Question 79:
The accounting entry to record the premium on goodwill is to debit?
  • A Cash and credit old partners' capital
  • B Goddwill and credit revaluation
  • C Assets and credit capital
  • D Capital and credit assets
View Answer & Explanation
Question 80:
The value of the owner's equity is
  • A N400,000
  • B N900,000
  • C N957,000
  • D N1,357,000
View Answer & Explanation