Jamb Accounting Past Questions For Year 1998
Question 6
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
- A. an acquistion of fixed assets
- B. an expenses in its general office expenses account
- C. an acquistion of stock
- D. a part of capital in the capital account
Question 7
N
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 from the list of balances given above, what is the total in the debit and credit columns?
- A. N147,910
- B. N138,500
- C. N88,500
- D. N85,800
Question 8
When a transaction causes an assets account to increase, there is?
- A. a decrease of equal amount inthe owner's equity account
- B. an increase in a liability account
- C. an increase of equal amonut in another assets account
- D. a decrease of equal amount in a liability account
Question 9
A business transaction is recorded in the books of account when the?
- A. owner of the business invests his N10,000 in another company
- B. business retains part of ofits profits for future expansion purposes
- C. business invest applies for overdraft facilities from its bankers
- D. owner of the business collects N5,000 from the accountant
Question 10
Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?
- A. cash receipts journal
- B. sales journal
- C. general journal
- D. cash disbursement journal.
