Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1376:

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
What was the balance of cash with the petty cashier at the end of period 1?

A. ₦450
B. ₦300
C. ₦50
D. ₦200

Question 1377:

• JAMB 2020

Accrual accounting differs from cash accounting because it recognizes

A. Prepayment and cash
B. Cash and creditors
C. Cash and debtors
D. Debtors and creditors

Question 1378:

• JAMB 2020

The amount of subscriptions accrued is reported in the balance sheet under

A. Fixed cost
B. Current asset
C. Long term liability
D. Current liability

Question 1379:

• JAMB 2020

One of the major features of book keeping is that it

A. Is futuristic in nature
B. Accepts responsibility for all wrong postings
C. Provides permanent records for all financial transactions
D. Does not give room for double entry procedure

Question 1380:

• JAMB 2020

Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
Calculate the capital of the business.

A. ₦3000
B. ₦9400
C. ₦3400
D. ₦6000