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Accounts - Principles of Accounts 2012 JAMB Past Questions

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1

The basis upon which assets of an organization is valued is the

  • A. historical concept
  • B. business entity concept
  • C. periodicity concept
  • D. materiality concept
View Answer & Discuss JAMB 2012
2

An accountant must not only be interested in record keeping but also in

  • A. the application of professional competency
  • B. the accuracy of postings
  • C. the casting of financial figures
  • D. effective preparation of balance sheet
View Answer & Discuss JAMB 2012
3
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
  • A. capital and debit liabilities
  • B. liabilities and credit assets
  • C. assets and credit capital
  • D. capital and credit assets
View Answer & Discuss JAMB 2012
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4
The capital of a sole trader can be increased by
  • A. debiting the capital account
  • B. crediting the capital account
  • C. debiting the cash account
  • D. crediting the cash account
View Answer & Discuss JAMB 2012
5

Akirika bought a motor van for his business by cash. The entries are to debit

  • A. motor van and credit Akirika
  • B. sales and credit Akrika
  • C. motor van and credit cash
  • D. cash and credit motor van
View Answer & Discuss (1) JAMB 2012
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