Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 11:

• JAMB 2014

The major advantage of an imprest system is that it

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in preparation for greater responsibilities
C. Relieves the cheif cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses

Question 12:

• JAMB 2014

Petty cash book records transactions on

A. The debit side only
B. The credit side only
C. Both credit and debit sides
D. Reversed entry

Question 13:

• JAMB 2014

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

A. Imprest system only
B. Direct purchase by branch
C. Separate accountant for the branch
D. Credit sales by only the headquarters

Question 14:

• JAMB 2014

1. Cash sales
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receipts
Which of the following are recorded on the debit side of the cash book

A. 1 and 11
B. 1 and 111
C. 1 and V
D. 1 and 1V

Question 15:

• JAMB 2014

An item credited in the bank statement but yet to be recorded in the firm's cash book is

A. Bank loan
B. Contract payment
C. Standing order
D. Direct deposit