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Accounts - Principles of Accounts 1998 JAMB Past Questions

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6
When a transaction causes an assets account to increase, there is?
  • A. a decrease of equal amount inthe owner's equity account
  • B. an increase in a liability account
  • C. an increase of equal amonut in another assets account
  • D. a decrease of equal amount in a liability account
View Answer & Discuss (1) JAMB 1998
7
N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000

In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
  • A. N147,910
  • B. N138,500
  • C. N88,500
  • D. N85,800
View Answer & Discuss JAMB 1998
8
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
  • A. an acquistion of fixed assets
  • B. an expenses in its general office expenses account
  • C. an acquistion of stock
  • D. a part of capital in the capital account
View Answer & Discuss (2) JAMB 1998
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9
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
  • A. overstate income this year and understate in next year
  • B. understate income this year and overstate in next year
  • C. understate this year's income with no effect on the next year's
  • D. overstate the income for the two-year period
View Answer & Discuss (2) JAMB 1998
10

The total of the discounts received column in the cash book is posted to the?

  • A. credit of the discounts received account
  • B. debit of the discounts allowed account
  • C. credit of the discounts allowed account
  • D. debit of the discounts received account
View Answer & Discuss (1) JAMB 1998
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts