Trending Questions |
Jamb Accounts - Principles of Accounts Past QuestionsQuestion 101:An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation? A. N700 B. N770 C. N800 D. N822 Question 102:On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid? A. N14,583 B. N25,000 C. N35,417 D. N37,415 Question 103:On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is? A. Debit rent account and credited adjustment account B. Debit prepayment account and credit rent account C. Debit rent account and credit prepayment account D. Debit adjustment account and credit prepayment account Question 104:The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to A. N576 B. N588 C. N600 D. N624 Question 105:At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period? A. N104,000 B. N128,000 C. N136,000 D. N144,000 |
|
| ||||||
Disclaimer All Views, Names, Acronyms, Trademarks, Expressed on this website are those of their respective owners. Please note that www.schoolngr.com is not affiliated with any of the institutions featured in this website. It is always recommended to visit an institutions or sources official website for more information. In the same vein, all comments placed here do not represent the opinion of schoolngr.com SCHOOLNGR - © 2020 - 2024 - Tayo Hammed | Terms Of Service | Copyright | Privacy Policy |