Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 151:

• JAMB 1998

Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?

A. N106
B. N101
C. N70
D. N36

Question 152:

• JAMB 1998

The amount required to replenish the payments made from the imprest was?

A. N399
B. N394
C. N358
D. N101

Question 153:

• 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 154:

• JAMB 1998

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

A. Cash receipts journal
B. Sales journal
C. General journal
D. Cash disbursement journal.

Question 155:

• JAMB 1998

Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?

A. N19,550
B. N18,950
C. N18,350
D. N17,500