Instrument of bank transactions - 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 2001

When a bill is negotiated to a bank, it is said be?

A. Surrendered
B. Cashed
C. Discounted
D. Accepted

Question 3:

• JAMB 2004

The receipt whose name appears on a cheque is called a?

A. Payer
B. Drawer
C. Drawee
D. Payee

Question 4:

• JAMB 2007

The process whereby a cheque received by one person is given to another is known as?

A. Cheque crossing
B. Payment in cheque
C. Cheque transfer
D. Cheque endorsement

Question 5:

• JAMB 2008

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

A. Smart card
B. Communication network
C. Magnetic strip
D. Computerized account