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Accounts - Principles of Accounts 2003 JAMB Past Questions

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6
Use the information below to answer question.

Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.

The transaction would be recorded in the cash book as debit?
  • A. cash and credit bank
  • B. bank and credit cash
  • C. cash and credit cash
  • D. bank and credit bank
View Answer & Discuss JAMB 2003
7
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
  • A. Realization concept
  • B. Substance over form
  • C. Conservatism
  • D. Measurement concept
View Answer & Discuss JAMB 2003
8
The transaction that completes its double entry in the same ledger account appears in?
  • A. cash account and personal account
  • B. bank account and general ledger
  • C. discount received and discount allowed
  • D. cash account and bank accont
View Answer & Discuss JAMB 2003
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9
The recording phase of accounting is known as?
  • A. bookkeeping
  • B. trial balancing
  • C. ledger accounting
  • D. final accounting
View Answer & Discuss JAMB 2003
10
Given:

Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
  • A. N1000 + N500 + N1500 = N3000
  • B. N1000 - N500 + N1500 = N2000
  • C. N1000 + N500 = N1500
  • D. N1500 + N500 = N2000
View Answer & Discuss (1) JAMB 2003
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