Accounts - Principles of Accounts Past QuestionsQuestion 151:Use the information below to answer questions 11 and 12. The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished. What was the actual cash in the till as at 15th July? A. N106 B. N101 C. N70 D. N36 Question 152:The amount required to replenish the payments made from the imprest was? A. N399 B. N394 C. N358 D. N101 Question 153:State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as? A. An addition to balance per book B. A deduction from balance per bank statement C. An addition to balance per bank statement D. A deduction from balance per books Question 154:Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the? A. Cash receipts journal B. Sales journal C. General journal D. Cash disbursement journal. Question 155:Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N Gross invoice price 15,000 Sales tax 900 Purchases discount taken 300 Freight 750 Assembly of machine 500 Installation of machine 800 Assorted spare parts for future use 1200 Turing and adjusting machine 700 What is the initial accounting cost of the machine? A. N19,550 B. N18,950 C. N18,350 D. N17,500 |
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