Jamb Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 11:

• JAMB 1995

What are the advantages of an imprest petty cash book?
I cheques can be drawn easily
II A cheque on the use of cash
III Liability of the petty cashier is limited to the value of petty cash
IV Loses through the petty cashier can be minimized

A. I, II and III only
B. I, II and IV only
C. I, III and IV only
D. II, III and IV only

Question 12:

• JAMB 1995

Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a

A. Credit note
B. Debit note
C. Journal voucher
D. Way bill

Question 13:

• JAMB 1995

A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

A. John: N40 Dr, cash: N40 Cr
B. Cash: N40 Dr, John: N40 Cr
C. John: N20 Dr, cash: N20 Cr
D. Cash: N20 Dr, John: N20 Cr

Question 14:

• JAMB 1995

The following represent extracts from the trading account of a retail outlet for a given month:
Opening stock N2,400
Closing stock N6,400
Other expenses N2,000
Sales N11,000
Profit N900
What is the purchase figure for the month?

A. N13,000
B. N12,100
C. N12,000
D. N11,200

Question 15:

• JAMB 1995

Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?

A. N1,680 Dr
B. N1,080 Cr
C. N600 Dr
D. N480 Cr