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JAMB and WAEC Accounts (Principles of Accounts) questions

609 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 261· Double entry and the ledger· JAMB

    Office furniture bought by cheque is recorded by

    Explanation and discussion

  2. Question 262· Double entry and the ledger· WAEC

    Machinery bought on credit from Abiola Ltd is recorded by

    Explanation and discussion

  3. Question 263· Double entry and the ledger· JAMB

    Under double entry, every transaction affects

    Explanation and discussion

  4. Question 264· Double entry and the ledger· JAMB

    Goods worth ₦25,000 returned to Tolu, a supplier, are recorded by

    Explanation and discussion

  5. Question 265· Double entry and the ledger· WAEC

    Cash sales of ₦8,000 are recorded by

    Explanation and discussion

  6. Question 266· Double entry and the ledger· WAEC

    Electricity bill settled in cash is recorded by

    Explanation and discussion

  7. Question 267· Double entry and the ledger· WAEC

    Which account normally has a credit balance?

    Explanation and discussion

  8. Question 268· Double entry and the ledger· JAMB

    A ledger account with a debit balance usually represents

    Explanation and discussion

  9. Question 269· Double entry and the ledger· JAMB

    Discount allowed of ₦2,000 to Bisi, a debtor, is recorded by

    Explanation and discussion

  10. Question 270· Double entry and the ledger· WAEC

    Goods taken by the owner for personal use are

    Explanation and discussion

  11. Question 271· Double entry and the ledger· WAEC

    Goods for resale bought on credit from Musa are recorded by

    Explanation and discussion

  12. Question 272· Double entry and the ledger· JAMB

    Chinedu started business by paying ₦500,000 into a business bank account. The correct entry is

    Explanation and discussion

  13. Question 273· Double entry and the ledger· JAMB

    Office furniture bought for cash is recorded by

    Explanation and discussion

  14. Question 274· Double entry and the ledger· JAMB

    Goods sold on credit to Femi for ₦18,000 are recorded by

    Explanation and discussion

  15. Question 275· Double entry and the ledger· WAEC

    Commission received is recorded on the

    Explanation and discussion

  16. Question 276· Double entry and the ledger· WAEC

    Rent paid by cheque is recorded by

    Explanation and discussion

  17. Question 277· Double entry and the ledger· WAEC

    Discount allowed to a customer is recorded by

    Explanation and discussion

  18. Question 278· Double entry and the ledger· WAEC

    The owner takes goods costing ₦5,000 for personal use. The entries are

    Explanation and discussion

  19. Question 279· Double entry and the ledger· JAMB

    Amina pays ₦30,000 of office cash into the business bank account. The entries are

    Explanation and discussion

  20. Question 280· Double entry and the ledger· WAEC

    Goods returned by Musa, a customer, are recorded by

    Explanation and discussion

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