Columnar cashbooks - 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 1999

In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

A. N8,900
B. N9,800
C. N14,600
D. N16,400

Question 3:

• 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 4:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column

Question 5:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column