Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 646:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

A. I and ii
B. I and v
C. Ii and iv
D. Iii and v

Question 647:

• JAMB 2008

Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?

A. N71 250 credit
B. N71 250 debit
C. N95 000 credit
D. N95 000 debit

Question 648:

• JAMB 2008

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

A. Real entry
B. Special entry
C. Direct entry
D. Contra entry

Question 649:

• JAMB 2008

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

A. Debited with N10 000
B. Credited with N10 000
C. Debited with N500
D. Credited with N500

Question 650:

• JAMB 2008

Commission-on-turnover is charged on?

A. Current accounts only
B. Savings accounts only
C. Fixed deposit accounts only
D. All bank accounts