Jamb Accounts - Principles of Accounts Questions
Question 1241:
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 1242:
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
Question 1243:
Accounts can be classified into
- A Cash and credit transactions
- B Cash and credit accounts
- C Personal and private account
- D Personal and impersonal account
Question 1244:
Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit
- A Tosanwumi International, credit purchase Account
- B Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
- C Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
- D Tosanwumi International ₦150,000, credit credit Account ₦150,000
Question 1245:
If only wages is shown on the trial balance, it should be charged to the
- A Profit and loss account
- B Trading account
- C Balance sheet
- D Wages account