2022 - JAMB Accounting Past Questions and Answers - page 4
The simplest form of single entry procedure consists of keeping a ___?
day book or general journal
cash book and ledger accounts showing debtors and creditors balances
cash journal, sales journal and purchases journal
day book in which transactions are described in chronological order
The main features of the single system are that?
books of accounts are not maintained and business relies only on bank statement
the journal records are absent and only the main ledger is kept 7
there are incomplete classifications and recording procedures
only credit sales transactions and credit purchase are recorded
Which of the following indicate that a partnership business is in place?
(i) There is a business
(ii)It is run commonly by partners
(iii)It has profit-making in view
(iv) Partners' liability is limited
i and ii only
i, ii and iii only
i, iii and iv only
ii, iii and iv only
The use of the folio in the ledger is for
referencing purposes
particulars of the transaction
the account titles
only credit items
Interest on a partner's drawings is debited to the
Partners current account and credited to the profit and loss appropriation account
profit and loss appropriation account and credited to the partner's current account
profit and loss account and credited to the partner's current account
Partner's current account and credited to the profit and loss account
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
capital and debit liabilities
liabilities and credit assets
assets and credit capital
capital and credit assets
A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
Debit rent account, Credit bank account
Debit Rent account, Credit Samson's account
Debit Bank account, Credit Rent account
Debit Samson's account, Credit Rent account
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