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Accounts - Principles of Accounts Past Questions

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526
One basic assumption of the double entry theory is that it allows?
  • A. two credit entries at the same time
  • B. two debit entries at the same time
  • C. debit and credit two credit entries at the same time
  • D. debit and credit two credit entries in corresponding account
View Answer & Discuss JAMB 2008
527
Given:

Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500

Calculate the total of trial balance?
  • A. N64 300
  • B. N46 825
  • C. N41 850
  • D. N33 325
View Answer & Discuss (1) JAMB 2008
528
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?
  • A. cash and credit stationery
  • B. purchase and credit stationery
  • C. stationery and credit cash
  • D. stationery and credit purchases
View Answer & Discuss JAMB 2008
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
529
Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?
  • A. i and v
  • B. ii and iv
  • C. ii and vi
  • D. iii and iv
View Answer & Discuss JAMB 2008
530
Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
  • A. i and ii
  • B. i and v
  • C. ii and iv
  • D. iii and v
View Answer & Discuss JAMB 2008
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts