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Accounts - Principles of Accounts Past Questions

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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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6
When a business incurs labour cost in installing a fixed asset, the cost is treated as
  • A. additional cost to the asset
  • B. business wages and salaries
  • C. installation cost of the asset
  • D. business cost of the asset
View Answer & Discuss (9) JAMB 1994
7
What is the cardinal rule of the double entry system?
  • A. Debit the increasing account and credit the decreasing account
  • B. Debit the receiving account and credit the giving account
  • C. Debit the asset account and credit the liability account
  • D. Debit the revenue account and credit the expenditure account
View Answer & Discuss (18) JAMB 1994
8
Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?
  • A. Error of commission
  • B. Error of reversal of entries
  • C. Error of principle
  • D. Compensating error
View Answer & Discuss (17) JAMB 1994
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9

The use of the folio in the ledger is for

  • A. referencing purposes
  • B. particulars of the transaction
  • C. the account titles
  • D. only credit items
View Answer & Discuss (12) JAMB 1994
10

The suspense account is used to correct book-keeping error where the

  • A. amount involved is quite significant
  • B. item involved is not material
  • C. item involved is unknown
  • D. error does not affect the agreement of the trial balance
View Answer & Discuss (12) JAMB 1994
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts