Bank Transactions and Reconciliation Statements - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1997

What is the balance of the bank account shown above?

A. N88 500 debit
B. N 88 500 credit
C. N 59 410 credit
D. N 59 410 debit

Question 7:

• JAMB 1998

State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?

A. An addition to balance per book
B. A deduction from balance per bank statement
C. An addition to balance per bank statement
D. A deduction from balance per books

Question 8:

• JAMB 1999

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

A. Outstanding cheques
B. Bank service charges
C. Deposit in the mail not yet received by the bank
D. Bank error, charging a company for another company's cheque

Question 9:

• JAMB 2000

In order to make the cash book balance equal to the bank statement, it is usual to add?

A. Uncredited cheques
B. Direct payments by bank
C. Bank charges
D. Unpresented cheques

Question 10:

• JAMB 2001

When a bill is negotiated to a bank, it is said be?

A. Surrendered
B. Cashed
C. Discounted
D. Accepted