Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 496:

• JAMB 2005

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

A. Omission
B. Principle
C. Commission
D. Original entry

Question 497:

• JAMB 2005

Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?

A. Credit balance of N 200,000
B. Debit balance of N 200,000
C. Credit balance of N 3 200,000
D. Debit balance of N3 200,000

Question 498:

• JAMB 2005

five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?

A. N150
B. N250
C. N350
D. N500

Question 499:

• JAMB 2005

five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier ata the end of period 1?

A. N50
B. N200
C. N300
D. N450

Question 500:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column