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JAMB and WAEC Accounts (Principles of Accounts) questions: Double entry and the ledger

38 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 21· Double entry and the ledger· WAEC

    Rent paid by cheque is recorded by

    Explanation and discussion

  2. Question 22· Double entry and the ledger· WAEC

    Discount allowed to a customer is recorded by

    Explanation and discussion

  3. Question 23· Double entry and the ledger· WAEC

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

    Explanation and discussion

  4. Question 24· Double entry and the ledger· JAMB

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

    Explanation and discussion

  5. Question 25· Double entry and the ledger· WAEC

    Goods returned by Musa, a customer, are recorded by

    Explanation and discussion

  6. Question 26· Double entry and the ledger· WAEC

    A debit balance on a customer's account means the customer

    Explanation and discussion

  7. Question 27· Double entry and the ledger· JAMB

    Okon Motors, a motorcycle dealer, bought motorcycles worth ₦900,000 on credit from Dayo Ltd to sell to customers. The correct entry is

    Explanation and discussion

  8. Question 28· Double entry and the ledger· WAEC

    A motor van bought on credit from Adeyemi Motors is entered as

    Explanation and discussion

  9. Question 29· Double entry and the ledger· JAMB

    Commission received in cash is recorded by

    Explanation and discussion

  10. Question 30· Double entry and the ledger· WAEC

    A credit balance on a creditor's account means the business

    Explanation and discussion

  11. Question 31· Double entry and the ledger· WAEC

    Expenses accounts normally have

    Explanation and discussion

  12. Question 32· Double entry and the ledger· JAMB

    Which of these accounts normally has a credit balance?

    Explanation and discussion

  13. Question 33· Double entry and the ledger· JAMB

    Which account normally has a debit balance?

    Explanation and discussion

  14. Question 34· Double entry and the ledger· WAEC

    Commission received is a

    Explanation and discussion

  15. Question 35· Double entry and the ledger· WAEC

    When a business buys furniture on credit from Ade, the entries are

    Explanation and discussion

  16. Question 36· Double entry and the ledger· WAEC

    The owner takes goods from the business for personal use. The entries are

    Explanation and discussion

  17. Question 37· Double entry and the ledger· WAEC

    Payment of wages by cheque is recorded as

    Explanation and discussion

  18. Question 38· Double entry and the ledger· JAMB

    Goods taken from the business by the owner for personal use should be recorded by

    Explanation and discussion

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