Functions of source documents - 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 1995

Which of the following accounting records are source documents?

A. Journal and ledgers
B. Sales invoice and cash book
C. Cash book and debit note
D. Sales invoice and debit note

Question 3:

• JAMB 1995

Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a

A. Credit note
B. Debit note
C. Journal voucher
D. Way bill

Question 4:

• JAMB 1997

The instrument that are generated when firms enter into business transactions with others are called

A. Purchase document
B. Journals
C. Source documents
D. Invoices

Question 5:

• JAMB 1997

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

A. Credit note
B. Debit note
C. Invoice
D. Voucher