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"Principles of double entry" question number distribution across years
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JAMB questions for "Financial Accounting :: Principles of double entry"
Q1
Musa, a prepaid customer of XYZ and KLM, bought ₦1 500 recharge card from XYZ and ₦2 000 recharge card from KLM for business calls. The entry to record these transactions is debit.
A
telephone ₦3 500, credit XYZ and KLM ₦3 500
B
telephone ₦3 500, credit cash ₦3 500
C
sundries ₦3 500, credit KLM ₦3 500
D
sundries ₦3 500, credit telephone v3 500
E
Q2
What is the total debit for the trial balance?
A
N 4690 000
B
N2620 000
C
N2520 000
D
N1565 000
E
Q3
One basic assumption of the double entry theory is that it allows
A
two credit entries at the same time
B
two debit entries at the same time
C
debit and credit entries in the same account
D
debit and credit entries in corresponding accounts
E
Q4
Calculate the total of the trial balance
A
N64 300
B
N46 825
C
N41 850
D
N33 325
E
Q5
Calculate the total amount on the credit side of the trial balance
A
₦4,000
B
₦2,000
C
₦6,000
D
₦8,000
E
Q6
The total of the trial balance is
A
₦6,600
B
₦6,650
C
₦5,600
D
₦5,900
E
Q7
Determine the total of the trial balance
A
₦123325
B
₦160050
C
166525
D
₦326575
E
Q8
The total trial balance is
A
₦55000
B
45000
C
₦65000
D
₦110000
E
Q9
The double entry principle of accounting was developed by
A
Luca Pacioli
B
Frank Wood
C
William Pickles
D
Akintola William
E
Q10
What are the appropriate recording procedures for entries in the trial balance?
A
cash account, ledgers and trial balance
B
source documents, ledgers and trial balance
C
ledgers, trial balance and source documents
D
ledgers, source documents and trial balance
E
Q11
The rule of accounting equation requires that account payable should be placed under
A
equities
B
capital
C
liabilities
D
assets
E
Q12
A source document is used for verifying the
A
amount due from debtors
B
selling price of goods
C
amount due to creditors
D
actual cost of an asset
E
Q13
The trial balance total is
A
₦9,700
B
₦8,700
C
₦7,900
D
₦7,800
E
Q14
Compute the amount withdrawn
A
₦2,000
B
₦1,500
C
₦1,250
D
₦1,000
E
Q15
The transaction that complete its double entry in the same ledger account appears in
A
cash account and personal account
B
bank account and general ledger
C
discount received and discount allowed
D
cash account and bank account
E
Q16
The accounting equation can be expressed as
A
₦1,000 + ₦500 + ₦1,500 = ₦3,000
B
₦1,000 - ₦500 + ₦1,500 = ₦2,000
C
₦1,000 + ₦500 = ₦1,500
D
₦1,500 - ₦500 = ₦500
E
Q17
The first in converting a single entry to a double entry system of bookkeeping is to prepare a
A
suspense account
B
statement of affairs
C
realization account
D
trial balance
E
Q18
An entry in a subsidiary book which does not form part of  the double entry system is
A
contra entry
B
journal entry
C
single entry
D
memorandum entry
E
Q19
Determine the total of the trial balance
A
₦333050
B
₦323050
C
₦230550
D
₦335050
E
Q20
For an incomplete record to provide necessary information, it must be converted to
A
double entry record
B
single entry
C
complete records
D
statement of affairs
E
Q21
Which of the following errors will affect the trial balance totals?
A
Posting discount discount allowed to the debit side of the discount allowed account
B
Omission of one account from the lilst when extracting from the ledgers
C
Failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiary ledgers
D
Omission of sales of ₦3000 and purchases of 2000
E
Q22
A book-keeping error occurs when there is
A
deliberate manipulation of records
B
unintentional correct posting in the ledger
C
intentional failure to record transactions completely
D
incorrect records and oversights that are not intended
E
Q23
₦ Bank account 59,410 Capital account 50,000 Purchase account 20,000 Rent 2,500 Stationery 90 Typewriter 6,500 Sales 38,500 In preparing a trial balance form the list of balance given above, what is the total in debit and credit columns?
A
₦147910
B
₦138500
C
₦885000
D
85800
E
Q24
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to
A
overstate income this year and understate in next year
B
interstate income this year and overstate in next year
C
understate this year's income with no effect on next year's
D
overstate the income for the two-year period
E
Q25
Books of orginal entry are used for
A
recording business transactions
B
the adjustment of accounts
C
reminding the bookkeeper to-post transactions in the ledger
D
informing the bookkeeper about the state of affairs
E
Q26
The instruments that are general when firms enter into business transactions with others are called
A
purchase documents
B
journals
C
source documents
D
invoices
E
Q27
A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of
A
classifying in the ledger
B
testing arithmetical accuracies of the ledger account balance
C
identifying the balance sheet items
D
providing a basis for establishing the accountant's competence
E
Q28
A payment of cash of ₦20 to John was entered can be used to correct the error?
A
John: ₦40 Dr, Cash: ₦40 Cr
B
Cash:₦40 Cr
C
John: ₦20 Dr, Cash: ₦40 Cr
D
Cash:₦40 Dr, John: ₦20 Cr
E
Q29
The trail balance showed wages, ₦2,500 and a note stated that ₦500 wages were due but unpaid. When preparing final accounts and balance sheet, it is  required to debit profit and loss account with
A
₦3,000 and show wages accrued ₦500 in the balance sheet
B
₦2,000 and show wages accrued ₦500 in the balanced sheet 
C
₦3,000 and show wages prepaid ₦500 in the balance sheet
D
₦2,000 and show wages paid in advance ₦500 in the balance sheet
E
Q30
What is the cardinal rule of the double entry system?
A
Debit the increasing account and credit the decreasing account
B
Debit the receiving and credit the giving account
C
Debit the asset account and credit the liability account
D
Debit the revenue account and credit the expenditure account
E
Q31
Malam Gambo bought a freezer for his shop costing N10 500. In recording, he debited office expenses account and credited the bank account. What bookeeping error has he committed?
A
Error of commission
B
Error of reversal of entries
C
Error of principle
D
Compensating error
E
Q32
The suspense account is used to correct bookkeeping errors where the
A
amount involved in quite significant
B
item involved is not material
C
item involved is unknown
D
error does not affect the agreement of the trial balance
E
Q33
A trial balance shows provision for doubtful debts, ₦190 and debtors, ₦6 00. It is required to write off a further ₦320 as bad debts and maintain the provision at 21/2% of debtors. To do this, the profit and loss should show a
A
credit of ₦20 and debit of ₦100
B
credit of ₦28 and debit of ₦300
C
credit of ₦8 
D
debit entry of ₦414
E