The advantage of double entry is that

it is easy to prepare the final account

The similarities between Receipts and payments and income and expenditure account is

Both accounts follows the principle of double entry

They are summaries of financial statements

Both are prepared by non-profit making concern

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

Increase in assets of motor vehicle account

Decrease in assets of motor vehicle account

Increase in assets of bank account

Increase in liabilities of bank account

One of the limitations of accounting is that

transactions are recorded in monetary terms

it ascertain financial position

transactions are recorded in monetary terms

it monitor the progress of the enterprise

JAMB UTME - Principles of Accounts - 2019

Question 1 Report

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

Ministry of Finan

Accountant General

Revenue office

Auditor General Correct answer

Answer Details

The officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is the Auditor General. The Auditor General is an independent officer responsible for auditing and reporting on the financial statements of government entities and other organizations to ensure that their financial records are accurate and comply with relevant laws and regulations. Their main task is to review the financial records of an organization and provide an opinion on whether the financial statements represent a true and fair view of the organization's financial position, performance, and cash flows. This helps to enhance transparency, accountability, and good governance in public and private organizations.

	₦	₦
Sales Less: cost of goods sold		233,000 170,000
		63,000
less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
Net profit		25,000

		N
Bal b/f		3650	Insurance	900
Subscription	(99)	7500	Rate	11,700
	(2000)	1000	Bal c/d	8,050
Fees		8500
		20,650		20,650

	1/199	31/12/99
Rates owing	3,600	2000
Insurance prepaid	50	1000
Subscription in arrears	700	600






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