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Accounts - Principles of Accounts 2023 JAMB Past Questions

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6

The principle of double entry developed from the axioms of accounting equation is given as

  • A. Liabilties + Equity = Net assets
  • B. Assets + Equity = Liabilities
  • C. Liabilities + Equity = Assets
  • D. Assets + Liability = Equity
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7

A part of public company's profit belonging to the shareholders is

  • A. right issue
  • B. bonus
  • C. dividends
  • D. public issue
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8

Accounting entry for dissolution expenses is

  • A. Dr : Partnership account ;Cr: Realization account
  • B. Dr: Revaluation account; Cr: Partnership account
  • C. Dr: Realization account; Cr: Cash account
  • D. Dr: Partners current account; Cr: Realization account
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9

One of the options below is not the source of income for non - profit organization

  • A. ordinary shares
  • B. donations
  • C. subscription/dues
  • D. entrance fees
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10

Which of these is the main source document for recording cash paid into bank?

  • A. invoice
  • B. credit note
  • C. cheque book
  • D. pay-in-slip
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