Accounts - Principles of Accounts 1994 JAMB Past Questions

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When a business incurs labour cost in installing a fixed asset, the cost is treated as

A. additional cost to the asset
B. business wages and salaries
C. installation cost of the asset
D. business cost of the asset

View Answer & Discuss (9) JAMB 1994

What is the cardinal rule of the double entry system?

A. Debit the increasing account and credit the decreasing account
B. Debit the receiving account and credit the giving account
C. Debit the asset account and credit the liability account
D. Debit the revenue account and credit the expenditure account

View Answer & Discuss (18) JAMB 1994

Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

A. Error of commission
B. Error of reversal of entries
C. Error of principle
D. Compensating error

View Answer & Discuss (17) JAMB 1994

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The use of the folio in the ledger is for

A. referencing purposes
B. particulars of the transaction
C. the account titles
D. only credit items

View Answer & Discuss (12) JAMB 1994

The suspense account is used to correct book-keeping error where the

A. amount involved is quite significant
B. item involved is not material
C. item involved is unknown
D. error does not affect the agreement of the trial balance

View Answer & Discuss (12) JAMB 1994

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Accounts - Principles of Accounts 1994 JAMB Past Questions

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