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Accounts - Principles of Accounts 2013 JAMB Past Questions

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1

Accounting information seeks to provide

  • A. permanent records for all transactions
  • B. analysis of accounts to trade debtors
  • C. audited reports on the accounts of a company
  • D. data about the employees of a company
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2

When the debit side total of an account, it means that the account has

  • A. been overdrawn
  • B. been understand
  • C. debit balance
  • D. credit balance
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3

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them

The double entry for July 1 would be

  • A. debit capital and credit cash
  • B. credit cash and debit bank
  • C. debit cash and credit capital
  • D. debit purchases and credit cash
View Answer & Discuss (5) JAMB 2013
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4

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them

The double entry for July 31 would be

  • A. debit Agromachinex and credit cash
  • B. debit equipment and credit Agromachinex
  • C. credit capital and debit cash
  • D. credit cash and debit purchases
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5

The total credit sales for a period can be extracted from the

  • A. cash book
  • B. sales day book
  • C. petty cash book
  • D. returns inwards
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