Petty cashbook and the imprest system - 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 1998

Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?

A. N106
B. N101
C. N70
D. N36

Question 3:

• JAMB 1998

The amount required to replenish the payments made from the imprest was?

A. N399
B. N394
C. N358
D. N101

Question 4:

• JAMB 1999

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A. Imprest
B. Petty cash
C. Float
D. Cash advance

Question 5:

• JAMB 2000

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?

A. Four column
B. Three column
C. Single column
D. Two column