Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 941:

• JAMB 2014

The book of account in which information from the source documents are recorded consists of

A. Debit and credit notes
B. Ledger and subsidiary books
C. Prepayments and accruals
D. Profit and loss and balance sheet

Question 942:

• JAMB 2014

The accounting entries to record a cheque issued by a business is to

A. Debit cash book and credit drawer
B. Credit cash book and debit drawer
C. Debit cash book and credit suspense account
D. Credit cash book and debit suspense account

Question 943:

• JAMB 2014

Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

A. #25,650
B. #22,800
C. #19,950
D. #18,240

Question 944:

• JAMB 2014

The major advantage of an imprest system is that it

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in preparation for greater responsibilities
C. Relieves the cheif cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses

Question 945:

• JAMB 2014

Petty cash book records transactions on

A. The debit side only
B. The credit side only
C. Both credit and debit sides
D. Reversed entry