Jamb Accounting Past Questions For Year 2017
Question 46
Which of these is a content of a master file?
- A. All records relevant to the organisation.
- B. Records of assets of the organisation
- C. A collection of data items
- D. All records relating to employees
Question 47
Subscription in advance is treated in the balance sheet as a
- A. current asset
- B. current liability
- C. fixed asset
- D. long term liability
Question 48
The correct expression of accounting equation is
- A. Assets = Liabilities + Equity
- B. Net assets = Liabilities + Equity
- C. Assets + Liabilities = Equity
- D. Assets = Equity - liabilities
Question 49
When expenses are paid on behalf of the venture, the accounting entries is to debit
- A. bank account and credit joint venture account
- B. expenses account and credit bank account
- C. joint venture account and credit expenses account
- D. joint venture account and credit bank account
