Jamb Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 11:

• JAMB 1999

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

A. Outstanding cheques
B. Bank service charges
C. Deposit in the mail not yet received by the bank
D. Bank error, charging a company for another company's cheque

Question 12:

• JAMB 1999

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A. Imprest
B. Petty cash
C. Float
D. Cash advance

Question 13:

• JAMB 1999

A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?

A. N2,100,000
B. N844,400
C. N840,000
D. N500,000

Question 14:

• JAMB 1999

Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?

A. N19,000.00
B. N18,050.50
C. N17,147.50
D. 16,290.13

Question 15:

• JAMB 1999

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

A. N338.58
B. N342.00
C. N345.42
D. N360,00