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Accounts - Principles of Accounts 2019 JAMB Past Questions

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41

The rules of double entry states that

  • A. for every debit entry, there must be a corresponding debit entry
  • B. for every credit entry, there must be a corresponding credit entry
  • C. all transactions must be recorded in two accounts, one account is debited and another is credited
  • D. all transaction must be credited
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42

The difference between double entry and single entry is

  • A. double entry is based on the dual concept while single entry is not based on dual concept
  • B. double entry is an account while single entry is not an account
  • C. double entry keeps personal account while single does not
  • D. double entry is useful for business enterprise while single entry is not
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43

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

  • A. Debit rent account, Credit bank account
  • B. Debit Rent account, Credit Samson's account
  • C. Debit Bank account, Credit Rent account
  • D. Debit Samson's account, Credit Rent account
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44

The purpose of profit and loss account is to ascertain

  • A. Gross profit
  • B. Capital
  • C. Expenses
  • D. Net profit
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45

Discount received is charge to

  • A. current account
  • B. profit and loss
  • C. trading account
  • D. balance sheet
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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