Jamb Accounts - Principles of Accounts Questions
Question 1141:
The tier of government that uses financial memorandum
- A Federal government
- B State government
- C Local government
- D Municipal government
Question 1142:
What is the effect of transaction when cash is paid into the bank
- A Bank balance decrease and cash balance increase
- B Bank balance decrease and cash balance decrease
- C Cash balance increase and bank balance increase
- D Cash balance decrease and bank balance increase
Question 1143:
The principle of double entry developed from the axioms of accounting equation is given as
- A Assets + Liability = Equity
- B Assets + Equity = Liabilities
- C Liabilities + Equity = Asset
- D Liabilities + Equity = Net assets
Question 1144:
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards
- A ₦9,000
- B ₦2,500
- C ₦3,000
- D ₦1,500
Question 1145:
The correct expression of accounting equation is
- A Assets = Liabilities + Equity
- B Net assets = Liabilities + Equity
- C Assets + Liabilities = Equity
- D Assets = Equity - liabilities