Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 701:

• JAMB 2009

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

A. Error by the bank
B. Undercasting of the cash book
C. Overcasting of the cash book
D. Bank service charges

Question 702:

• JAMB 2009

Given:
Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500
Calculate the balance as per bank statement at the end of the year?

A. N24,700
B. N25,200
C. N26,200
D. N27,700

Question 703:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?

A. N9,400
B. N6,000
C. N3,400
D. N3,000

Question 704:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
What is the net working capital?

A. N2,600
B. N1,800
C. N800
D. N600

Question 705:

• JAMB 2009

Which of the following items are current assets?

A. Stock, bills receivable, cash and debtors
B. Stock, bill payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable