Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 11:

• JAMB 2008

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

A. Real entry
B. Special entry
C. Direct entry
D. Contra entry

Question 12:

• JAMB 2008

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

A. Debited with N10 000
B. Credited with N10 000
C. Debited with N500
D. Credited with N500

Question 13:

• JAMB 2008

Commission-on-turnover is charged on?

A. Current accounts only
B. Savings accounts only
C. Fixed deposit accounts only
D. All bank accounts

Question 14:

• JAMB 2008

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

A. Smart card
B. Communication network
C. Magnetic strip
D. Computerized account

Question 15:

• JAMB 2008

Use the information below to answer question .
Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?

A. N9525
B. N9000
C. N7100
D. N6400