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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 1· Double entry and the ledger· JAMB

    The owner brings in a personal car for business use. The entry is

    Explanation and discussion

  2. Question 2· Double entry and the ledger· JAMB

    A debtor who owed ₦5,000 is declared bankrupt and pays nothing. The entry is

    Explanation and discussion

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

    Rent of ₦40,000 paid by cheque is recorded by

    Explanation and discussion

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

    A loan of ₦200,000 received from a bank by cheque is recorded by

    Explanation and discussion

  5. Question 5· Double entry and the ledger· JAMB

    Goods worth ₦8,000 returned by a customer are recorded by

    Explanation and discussion

  6. Question 6· Double entry and the ledger· JAMB

    Office furniture bought by cheque is recorded by

    Explanation and discussion

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

    Machinery bought on credit from Abiola Ltd is recorded by

    Explanation and discussion

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

    Under double entry, every transaction affects

    Explanation and discussion

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

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

    Explanation and discussion

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

    Cash sales of ₦8,000 are recorded by

    Explanation and discussion

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

    Electricity bill settled in cash is recorded by

    Explanation and discussion

  12. Question 12· Double entry and the ledger· WAEC

    Which account normally has a credit balance?

    Explanation and discussion

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

    A ledger account with a debit balance usually represents

    Explanation and discussion

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

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

    Explanation and discussion

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

    Goods taken by the owner for personal use are

    Explanation and discussion

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

    Goods for resale bought on credit from Musa are recorded by

    Explanation and discussion

  17. Question 17· 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

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

    Office furniture bought for cash is recorded by

    Explanation and discussion

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

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

    Explanation and discussion

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

    Commission received is recorded on the

    Explanation and discussion

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