Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 946:

• JAMB 2014

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

A. Imprest system only
B. Direct purchase by branch
C. Separate accountant for the branch
D. Credit sales by only the headquarters

Question 947:

• JAMB 2014

1. Cash sales
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receipts
Which of the following are recorded on the debit side of the cash book

A. 1 and 11
B. 1 and 111
C. 1 and V
D. 1 and 1V

Question 948:

• JAMB 2014

An item credited in the bank statement but yet to be recorded in the firm's cash book is

A. Bank loan
B. Contract payment
C. Standing order
D. Direct deposit

Question 949:

• JAMB 2014

The major focus of the trading account is to show

A. Net profit
B. Gross margin
C. Total purchases
D. Total sales

Question 950:

• JAMB 2014

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

A. #4,500
B. #8,550
C. #9,000
D. #9,450