Accounts Principles Of Accounts Past Questions and Answers

Question 3106 :

• JAMB 2020

In a control account, provision for bad debts is found on the

A. Credit side of the sales ledger control account
B. Debit side of the purchases ledger control açcount
C. Debit side of the sales ledger control account
D. Credit side of the purchases ledger control account

Question 3107 :

• JAMB 2020

The rule of accounting equation requires that account payable should be placed under

A. Equities
B. Assets
C. Capital
D. Liabilities

Question 3108 :

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
How much should the petty cashier receive after period 2?

A. ₦150
B. ₦350
C. ₦250
D. ₦500

Question 3109 :

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
What was the balance of cash with the petty cashier at the end of period 1?

A. ₦450
B. ₦300
C. ₦50
D. ₦200

Question 3110 :

• JAMB 2020

Accrual accounting differs from cash accounting because it recognizes

A. Prepayment and cash
B. Cash and creditors
C. Cash and debtors
D. Debtors and creditors