2019 - JAMB Accounting Past Questions and Answers - page 5
41
A proprietor withdraws cash from the business for private use, he
A
credits cash account and debits bank account
B
credits cash account and debits drawing A/C
C
debits cash account and credits drawings account
D
debits bank account and credits drawings account
42
The rules of double entry states that
A
for every debit entry, there must be a corresponding debit entry
B
for every credit entry, there must be a corresponding credit entry
C
all transactions must be recorded in two accounts, one account is debited and another is credited
D
all transaction must be credited
43
The difference between double entry and single entry is
A
double entry is based on the dual concept while single entry is not based on dual concept
B
double entry is an account while single entry is not an account
C
double entry keeps personal account while single does not
D
double entry is useful for business enterprise while single entry is not
44
A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
A
Debit rent account, Credit bank account
B
Debit Rent account, Credit Samson's account
C
Debit Bank account, Credit Rent account
D
Debit Samson's account, Credit Rent account
45
The purpose of profit and loss account is to ascertain
A
Gross profit
B
Capital
C
Expenses
D
Net profit
46
Discount received is charge to
A
current account
B
profit and loss
C
trading account
D
balance sheet
47
Use the question to answer this question:
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
What was the cost of goods sold?
A
₦25,000
B
₦35,000
C
₦50,000
D
₦75,000
48
Use the following to answer this question
Opening stock Purchases Sales Closing Stocks |
₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
A
₦35,000
B
₦75,000
C
₦50,000
D
₦25,000
49
An ordinary share of ₦100 was issued at ₦80. The share was issued at
A
premium
B
par
C
discount
D
loss
50
Shares that are offered to existing shareholders at a price is called
A
par
B
premium
C
right issue
D
bonus issue
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