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Accounts - Principles of Accounts Past Questions and Answers

Topic: Conversion of single entry to double entry

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Jamb Accounts - Principles of Accounts Questions - Conversion of single entry to double entry

Question 1:

In an incomplete record, the preparation of the bank reconciliation ensures that?

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A All cash taking are banked
B The cash book is correct
C There are no overdrafts
D There are no hidden loans

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Question 2:

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

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A Suspense account
B Statement of affairs
C Realization account
D Trial balance

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Question 3:

One basic assumption of the double entry theory is that it allows?

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A Two credit entries at the same time
B Two debit entries at the same time
C Debit and credit two credit entries at the same time
D Debit and credit two credit entries in corresponding account

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Question 4:

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be

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A Debit capital and credit cash
B Credit cash and debit bank
C Debit cash and credit capital
D Debit purchases and credit cash

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Question 5:

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be

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A Debit Agromachinex and credit cash
B Debit equipment and credit Agromachinex
C Credit capital and debit cash
D Credit cash and debit purchases

View Answer & Explanation

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