Cashbook - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2017

The use of a three column cash book is determined by

A. Cash discount
B. Trade discount
C. Cash transaction
D. Bank transaction

Question 47:

• JAMB 2017

The discount column on the left-hand side of cashbook represents a discount

A. Received from a creditor
B. Allowed to a debtor
C. Received from a debtor
D. Allowed to a creditor

Question 48:

• JAMB 2018

Use the information below to answer the question

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

If at 31/1/95 the following information was ascertained;
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

If at 31/1/95 the following information was ascertained;
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

What is the balance on its cash account as at 31/1/95

A. #22,800
B. #9,200
C. #800
D. #21,200

Question 49:

• JAMB 2018

The major advantages of an imprest system is that it ?

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

Question 50:

• JAMB 2018

A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?

A. N29,200
B. N17,800
C. N32,800
D. N19,600