by Sunday | Dec 3 | Accounting JAMB
A. Chairman B. Treasurer C. Director of personnel D. Auditor Correct Answer: Option A – Chairman
by Sunday | Dec 3 | Accounting JAMB
A. personal account B. real account C. nominal account D. cash account Correct Answer: Option B – real account Explanation Real account is an account dealing with the material assets of a business, such as its...
by Sunday | Dec 3 | Accounting JAMB
A. debit stationery with N2,200 B. credit stationery with N1,800 C. debit stationery with N1,800 D. credit stationery with N2,200 Correct Answer: Option C – debit stationery with N1,800 Explanation To correct the error, we have to debit the amount in excess so...
by Sunday | Dec 3 | Accounting JAMB
A. commission B. omission C. principle D. compensation Correct Answer: Option A – commission Explanation An error of principle is an accounting mistake in which an entry is recorded in the incorrect account
by Sunday | Dec 3 | Accounting JAMB
A. nominal, real and personal accounts B. fixed and current accounts C. management, financial and public sector accounting D. bank and cash accounts Correct Answer: Option A – nominal, real and personal accounts Explanation General Ledger is divided into two...