Accounts - Principles of Accounts 2005 JAMB Past Questions

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The double principle of accounting was developed by?

A. Frank Wood
B. Luca Pacioli
C. Akintola Williams
D. William Pickles

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The concept that has much influence over asset valuation and income determination is?

A. entity
B. realization
C. conversactism
D. matching

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The journal entries for the purchase of stock on credit are to debit?

A. stock account and credit cash account
B. stock account and credit liability account
C. ourchase account and credit liability account
D. suspense account and credit cash account

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Given:

Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500

What is the capital introduced by the proprietor?

A. N40,800
B. N61,100
C. N88,200
D. N108 500

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Given:

Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000

The total trial balance is?

A. N110,000
B. N65,000
C. N55,000
D. N45,000

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Accounts - Principles of Accounts 2005 JAMB Past Questions

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