Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 696:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?

A. I, ii and v
B. I, ii and iv
C. I, ii and iii
D. Iii, iv and v

Question 697:

• JAMB 2009

Use the information above to answer question
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?

A. 160
B. 840
C. 1000
D. 1040

Question 698:

• JAMB 2009

Use the information below to answer the following questions

Period 1	N
Cash to petty cashier	1000
Petty cashier pays out	780
Period 2
Petty cashier pays out	840

What is the balance of cash with the petty cashier at the end of period 1?

A. 220
B. 780
C. 980
D. 1780

Question 699:

• JAMB 2009

Cash discount is often recorded on?

A. The debit side of the cash book
B. The credit side of the cash book
C. The folio column of the cash book
D. Both credit and debit side of the cash book

Question 700:

• JAMB 2009

The standing order is a payment instruction given by a?

A. Customer to the bank
B. Bank to the customer
C. Bank to an employee
D. Customer to a fellow customer