Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 296:

• JAMB 2001

Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A. N250
B. N570
C. N600
D. N850

Question 297:

• JAMB 2001

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

A. N17,800
B. N19,600
C. N29,200
D. N32,800

Question 298:

• JAMB 2001

In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?

A. N360
B. N355
C. N350
D. N305

Question 299:

• JAMB 2001

When a bill is negotiated to a bank, it is said be?

A. Surrendered
B. Cashed
C. Discounted
D. Accepted

Question 300:

• JAMB 2001

Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?

A. N1,223
B. N1,212
C. N1,202
D. N1,115