Bank Transactions and Reconciliation Statements - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1994

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

A. Bank charges
B. Uncleared cheques
C. Returned cheques
D. Unpresented cheques

Question 3:

• JAMB 1995

Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?

A. N1,680 Dr
B. N1,080 Cr
C. N600 Dr
D. N480 Cr

Question 4:

• JAMB 1997

When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

A. Uncredited cheques
B. Dishonoured cheques
C. Direct remittance to the bank
D. Unpresented cheques

Question 5:

• JAMB 1997

An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?

A. N700
B. N770
C. N800
D. N822