Jamb Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 11:

• JAMB 1997

Which of the following demonstrates the imprest system?

A. Float → expenses paid → cash in bank → float
B. Float → cash from bank → expenses paid → float
C. Float → expenses paid→ cash from bank → float
D. Float → cash in bank → expenses paid → float

Question 12:

• JAMB 1997

When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

A. Uncredited cheques
B. Dishonoured cheques
C. Direct remittance to the bank
D. Unpresented cheques

Question 13:

• JAMB 1997

An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?

A. N700
B. N770
C. N800
D. N822

Question 14:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?

A. N14,583
B. N25,000
C. N35,417
D. N37,415

Question 15:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A. Debit rent account and credited adjustment account
B. Debit prepayment account and credit rent account
C. Debit rent account and credit prepayment account
D. Debit adjustment account and credit prepayment account