Jamb Accounting Past Questions For Year 2012
Question 6
The capital of a sole trader can be increased by
- A. debiting the capital account
- B. crediting the capital account
- C. debiting the cash account
- D. crediting the cash account
Question 7
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
- A. capital and debit liabilities
- B. liabilities and credit assets
- C. assets and credit capital
- D. capital and credit assets
Question 8
At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
Determine the adjusted net profit
- A. #210,000
- B. #202,000
- C. #195,000
- D. #184,000
Question 9
Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - # 800
Direct debit - # 500
The adjusted cash book balance is
- A. #6,300
- B. #4,300
- C. #3,700
- D. #2,700
Question 10
In a modern day banking system, cash transfer cannot be made where the transferor
- A. has no sufficient cash with the bank
- B. has no account with the bank
- C. does not reside in the bank's country
- D. does not possess the domestic currency
