Jamb Accounts - Principles of Accounts Questions - source documents
Question 1:
Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?
- A Debit generator account and credit cash account
- B Debit purchases account and credit cash account
- C Debit cash accounts and credit purchases account
- D Debit cash account and credit generator account
Question 2:
When is a petty cash account debited?
- A When the fund is established and every time money is spent
- B When the fund is established and every time it is replenished
- C When the fund is established and when the size of the float is decreased
- D Every time money is drawn from the petty cash
Question 3:
The major difference between the receipt and payment account and the income and expenditure account is that while the former
- A Is kept by the treasurer, the latter is not
- B Deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
- C Is a T-account, the latter is not
- D Is not in the ledger, the latter is
Question 4:
The receipt from a special tax levy to pay maturing interest obligation are recorded in
- A Capital fund project
- B Debt Service Fund
- C Tax Assessment Fund
- D Special Revenue Fund
Question 5:
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