Incomplete Records and Single Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 16:

• JAMB 2002

In an incomplete record, the preparation of the bank reconciliation ensures that?

A. All cash taking are banked
B. The cash book is correct
C. There are no overdrafts
D. There are no hidden loans

Question 17:

• JAMB 2002

In an incomplete record system a trading account cannot be prepared until the?

A. Day book has been balanced
B. Amount of personal drawings has been established
C. Cash book has been balanced
D. Amount os sales and purchases has been established

Question 18:

• JAMB 2002

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

A. Draw up the statement of affairs
B. Draw up a T-account to establish the amount
C. Compare the journal entries with the cash book
D. Cross-check the cash book for further information

Question 19:

• JAMB 2002

keeping records under the single entry system has the advantage of?

A. Quality in terms of records
B. Completeness in terms of records
C. Accuracy in terms of operation
D. Simplicity in terms of operation

Question 20:

• JAMB 2003

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A. Suspense account
B. Statement of affairs
C. Realization account
D. Trial balance