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Accounts - Principles of Accounts Past Questions

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566

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

  • A. accruals
  • B. materiality
  • C. objectivity
  • D. periodicity
View Answer & Discuss JAMB 2009
567

The process of bookkeeping includes records produced from?

  • A. ledgers
  • B. source documents
  • C. minutes of meeting
  • D. intuitive reasoning
View Answer & Discuss (1) JAMB 2009
568
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
  • A. telephone N3,500 credit XYZ and KLM, N3,500
  • B. telephone N3,500, credit cash N3,500
  • C. sundries N3,500, credit KLM N3,500
  • D. sundries N3,500, credit telephone N3,500
View Answer & Discuss JAMB 2009
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569
Given:

Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000

What is the total debit for the trial balance?
  • A. N4 690 000
  • B. N2 620 000
  • C. N2 520 000
  • D. N1 565 000
View Answer & Discuss JAMB 2009
570

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

  • A. increase in assets and increase in capital
  • B. increase in liabilities and decrease in capital
  • C. decrease in capital and increase in assets
  • D. decrease in capital and decrease in assets
View Answer & Discuss (2) JAMB 2009
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