JAMB Accounting 2021 Objective — Question 21

Question 21 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

21. Use the following information to answer question 21 and 22: i. Purchases ii. Sales iii. Carriage inwards iv. Carriage outward v. Salaries. Which of the items above has/have debit balance(s)? a. i, ii, iii and iv b. i, iii, iv and v c. ii, iii and iv d. i, iii, iv and v

A. i, ii, iii and iv
B. i, iii, iv and v
C. ii, iii and iv
D. i, iii, iv and vCorrect

Explanation

In accounting, expenses (purchases, carriage inwards, carriage outward, salaries) usually have debit balances, while income (sales) has a credit balance. So items i, iii, iv and v have debit balances.

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