Cashbook - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 31:

• JAMB 2012

In a three-column cash book, dishonored cheques will be shown on the

A. Bank column (debit)
B. Bank column(credit)
C. Cash column(debit)
D. Cash column(credit)

Question 32:

• JAMB 2012

The 5% discount shown above indicates

A. Trade discount
B. Cash discount
C. Discount allowed
D. Discount received

Question 33:

• JAMB 2013

i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?

A. I, ii and iii
B. I, iii and iv
C. I, ii and iv
D. Iii and iv

Question 34:

• JAMB 2014

Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

A. #25,650
B. #22,800
C. #19,950
D. #18,240

Question 35:

• JAMB 2014

The major advantage of an imprest system is that it

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in preparation for greater responsibilities
C. Relieves the cheif cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses