Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 21:

• JAMB 2017

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

A. Unpresented cheque
B. Dividend
C. Uncredited cheque
D. Credit transfer

Question 22:

• JAMB 2017

Which of these is the main source document for recording cash paid into bank?

A. Invoice
B. Cheque book
C. Credit note
D. Pay-in-slip

Question 23:

• JAMB 2017

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

A. I,II and IV
B. II,III and IV
C. III and IV
D. I,II and III

Question 24:

• JAMB 2017

The movement of goods from head office to a branch is treated in the head office as

A. Sales
B. Issue
C. Purchases
D. Requisition

Question 25:

• JAMB 2017

The following are the importance of branch account except

A. It enable the organization to determine the branch that is making either profit or loss
B. It allows proper control over the branch by the head office
C. It assist the organization to determine the performance of a branch manager
D. It allows fraud and wastage of resources