Accounts - Principles of Accounts Past Questions

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2156

Use the information below to answer this question.

Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000

The double entry to record the goodwill in the books is debt

A. purchase of business account and credit cash account
B. goodwill account and credit purchase of business account
C. cash account and credit goodwill account
D. goodwill account and credit cash account

View Answer & Discuss JAMB 2015

2157

The income and expenditure account of a club is the same as

A. single entry account
B. a profit and loss account
C. a trading account
D. a cash book

View Answer & Discuss (1) JAMB 2015

2158

Goods stolen at the branch is debited to

A. branch stock account
B. defalcations account
C. branch debtors account
D. branch adjustment account

View Answer & Discuss (1) JAMB 2015

2159

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------