Jamb Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 11:

• JAMB 1998

The total of the discounts received column in the cash book is posted to the?

A. Credit of the discounts received account
B. Debit of the discounts allowed account
C. Credit of the discounts allowed accoun
D. Debit of the discounts received account

Question 12:

• JAMB 1998

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 13:

• JAMB 1998

The amount required to replenish the payments made from the imprest was?

A. N399
B. N394
C. N358
D. N101

Question 14:

• JAMB 1998

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 15:

• JAMB 1998

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.