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Accounts - Principles of Accounts Past Questions

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436
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
  • A. cash account and credit realization account
  • B. rassets account and credit realization account
  • C. realization account and credit realization account
  • D. assets account and credit cash account
View Answer & Discuss JAMB 2005
437
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
  • A. cash and credit debenture
  • B. debenture and credit cash
  • C. cash and credit capital
  • D. capital and debit cash
View Answer & Discuss JAMB 2005
438
The accounting method that reports incomes when earned and expenses when incurred is called?
  • A. cash accounting
  • B. commitment accounting
  • C. fund accounting
  • D. accrual accounting
View Answer & Discuss JAMB 2005
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439
The tier of government that uses financial memorandum is the?
  • A. federal government
  • B. state government
  • C. local government
  • D. municipal government
View Answer & Discuss JAMB 2005
440
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
  • A. stock account and credit profit and loss account
  • B. drawings account and credit stock account
  • C. profit and loss account and credit drawing account
  • D. stock account and credit drawings account
View Answer & Discuss JAMB 2006
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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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