Cashbook - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1999

If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?

A. They must be balanced in the cash book and the difference taken to the debtors ledger
B. They must be balanced in the cash book and the difference taken to the trial balance
C. They should not be balanced in the cash book before being taking to the trial balance
D. They should not appear in the trial balance as they were already either received or paid out

Question 7:

• JAMB 1999

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A. Imprest
B. Petty cash
C. Float
D. Cash advance

Question 8:

• JAMB 1999

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

A. N338.58
B. N342.00
C. N345.42
D. N360,00

Question 9:

• JAMB 2000

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?

A. Four column
B. Three column
C. Single column
D. Two column

Question 10:

• JAMB 2001

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

A. N17,800
B. N19,600
C. N29,200
D. N32,800