Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 41:

• JAMB 2023

The main purpose of transaction file is?

A. To record assets and liabilities
B. To update income and expenses
C. To make organization decision
D. To update master files

Question 42:

• JAMB 2023

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a ____________

A. Original entry
B. Contract entry
C. Prime entry
D. Contra entry

Question 43:

• JAMB 2023

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

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

Question 44:

• JAMB 2023

Discount allowed is enjoyed by ____________

A. Managers
B. Customers
C. Staff of the company
D. Suppliers

Question 45:

• JAMB 2023

In manufacturing, depreciation of office machine is charged to ____________

A. Trading account
B. Balance sheet
C. Appropriation account
D. Profit and loss account