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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
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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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