Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 96:

• JAMB 1997

Books of original entry are used for

A. Recording business transactions
B. The adjustment of accounts
C. Reminding the book keeping to post transactions in the ledger
D. Informing the bookkeeper about the state of affairs

Question 97:

• JAMB 1997

The term 'posting' in Accounting refers to

A. Recording entries in the journal
B. Transferring the balance in the ledger to the trial balance
C. Tracing amounts from the journal to the ledger to find errors
D. Transferring entries to the ledger from the journal

Question 98:

• JAMB 1997

Erroneous rearrangement of financial figures such as writing N624 as N 264 is called

A. Transposition
B. Principle
C. Commission
D. Omission

Question 99:

• JAMB 1997

Which of the following demonstrates the imprest system?

A. Float → expenses paid → cash in bank → float
B. Float → cash from bank → expenses paid → float
C. Float → expenses paid→ cash from bank → float
D. Float → cash in bank → expenses paid → float

Question 100:

• JAMB 1997

When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

A. Uncredited cheques
B. Dishonoured cheques
C. Direct remittance to the bank
D. Unpresented cheques