JAMB Accounting Past Questions & Answers - Page 199

992.
993.

The journal entries for the purchase of stock on credit are to debit?

A.

Stock account and credit cash account

B.

Stock account and credit liability account

C.

Purchase account and credit liability account

D.

Suspense account and credit cash account

Correct answer is C

No explanation has been provided for this answer.

994.

The concept that has much influence over asset valuation and income determination is?

A.

Entity

B.

Realization

C.

Conversactism

D.

Matching

Correct answer is B

No explanation has been provided for this answer.

995.

The double principle of accounting was developed by?

A.

Frank Wood

B.

Luca Pacioli

C.

Akintola Williams

D.

William Pickles

Correct answer is B

No explanation has been provided for this answer.