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Accounts - Principles of Accounts
JAMB 1997
Accounts - Principles of Accounts 1997 JAMB Past Questions
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6
The effect of the payment of liability is that it
A.
increase both assets and liabilities
B.
increase assets and decrease liabilities
C.
decrease assets and increase liabilities
D.
decrease both assets and liabilities
View Answer & Discuss
JAMB 1997
7
Books of original entry are used for
A.
recording business transactions
B.
the adjustment of accounts
C.
reminding the book keeping to post transactions in the ledger
D.
informing the bookkeeper about the state of affairs
View Answer & Discuss (1)
JAMB 1997
8
The term 'posting' in Accounting refers to
A.
recording entries in the journal
B.
transferring the balance in the ledger to the trial balance
C.
tracing amounts from the journal to the ledger to find errors
D.
transferring entries to the ledger from the journal
View Answer & Discuss
JAMB 1997
9
Erroneous rearrangement of financial figures such as writing N624 as N 264 is called
A.
transposition
B.
principle
C.
commission
D.
omission
View Answer & Discuss
JAMB 1997
10
Which of the following demonstrates the imprest system?
A.
Float → expenses paid → cash in bank → float
B.
Float → cash from bank → expenses paid → float
C.
Float → expenses paid→ cash from bank → float
D.
Float → cash in bank → expenses paid → float
View Answer & Discuss
JAMB 1997
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