Jamb Accounts - Principles of Accounts Questions
Question 1276:
One of these is not a similarity between Joint Venture and Partnership.
- A AIM is profit making
- B It is for a specific venture
- C Involves two people
- D Have rights and duties
Question 1277:
Majority of commercial transactions are termed credit transactions, which means
- A The buyers pay immediately for goods bought
- B Settlement is deferred to a future date
- C No account will be opened
- D Item of expenditure increases
Question 1278:
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 1279:
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 1280:
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