Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 796:

• JAMB 2011

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

A. Debtors' account
B. Creditor's account
C. Suspense account
D. Ledger account

Question 797:

• JAMB 2011

Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?

A. N260
B. N300
C. N200
D. N380

Question 798:

• JAMB 2011

Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Calculate the cash discount?

A. N60
B. N90
C. N40
D. N100

Question 799:

• JAMB 2011

In bank reconciliation process, discrepancies cause by timing arises as a result of?

A. Cash book bank statement
B. Bank statement only
C. Cash book, bank statement and other incidental records
D. Cash book only

Question 800:

• JAMB 2011

The process of reconciling cheques between banks is termed cheque?

A. Clearing
B. Truncation
C. Holding
D. Confirmation