Jamb Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 26:

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
How much should the petty cashier receive after period 2?

A. ₦150
B. ₦350
C. ₦250
D. ₦500

Question 27:

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
What was the balance of cash with the petty cashier at the end of period 1?

A. ₦450
B. ₦300
C. ₦50
D. ₦200

Question 28:

• JAMB 2020

Accrual accounting differs from cash accounting because it recognizes

A. Prepayment and cash
B. Cash and creditors
C. Cash and debtors
D. Debtors and creditors

Question 29:

• JAMB 2020

The amount of subscriptions accrued is reported in the balance sheet under

A. Fixed cost
B. Current asset
C. Long term liability
D. Current liability

Question 30:

• JAMB 2020

One of the major features of book keeping is that it

A. Is futuristic in nature
B. Accepts responsibility for all wrong postings
C. Provides permanent records for all financial transactions
D. Does not give room for double entry procedure