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

Question 41:

• JAMB 2016

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

A. II and IV
B. II, III and IV
C. I, II and III
D. III and IV

Question 42:

• JAMB 2016

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

A. Annual discount
B. Trade discount
C. Periodic discount
D. Cash discount

Question 43:

• JAMB 2016

Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

A. #36,902
B. #27,502
C. #12,498
D. #43,098

Question 44:

• JAMB 2017

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

A. Original entry
B. Contra entry
C. Prime entry
D. Contract entry

Question 45:

• JAMB 2017

Discount allowed is enjoyed by

A. Managers
B. Customers
C. Suppliers
D. Staff of the company