Jamb Accounts - Principles of Accounts Questions
Question 41:
An effective accounting system should provide information
- A On new product and methods
- B For cutomer feed back and requirement
- C On internal and external reporting for managers and third parties
- D For promoters, directors, labour union and distributors
Question 42:
Which of the following accounting records are source documents?
- A Journal and ledgers
- B Sales invoice and cash book
- C Cash book and debit note
- D Sales invoice and debit note
Question 43:
Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.
- A N19,650
- B N18,650
- C N17,850
- D NN16,850
Question 44:
Which of the following transaction is BEST recorded in the general journal?
- A Payment of rent with cheque
- B Purchase of stock with cash
- C Purchase of an asset on credit terms
- D Transfer of cash from head office branch
Question 45:
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
- A Cash account was credited with N500,000 and capital account was debited with N500,000
- B Bank account was debited with N500,000 and capital account was credited with N500,000
- C Bank account was accredited with N500,000
- D Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000