1998 - JAMB Accounting Past Questions and Answers - page 2
11
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?
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
correct option: d
Users' Answers & Comments12
The amount required to replenish the payments made from the imprest was?
A
N399
B
N394
C
N358
D
N101
correct option: b
Users' Answers & Comments13
State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?
A
an addition to balance per book
B
a deduction from balance per bank statement
C
an addition to balance per bank statement
D
a deduction from balance per books
correct option: a
Users' Answers & Comments14
Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?
A
cash receipts journal
B
sales journal
C
general journal
D
cash disbursement journal.
correct option: d
Users' Answers & Comments15
Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
A
N19,550
B
N18,950
C
N18,350
D
N17,500
correct option: c
Users' Answers & Comments16
A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
A
N22,400
B
N32,000
C
N51,200
D
N76,800
correct option: a
Users' Answers & Comments17
On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?
A
N10,000 loss
B
N2,000 loss
C
N6,000 gain
D
N8,000 gain
correct option: c
Users' Answers & Comments18
The balance on a purchase ledger control account represents the?
A
present amount that a business owes its suppliers at date
B
total credit avaiable to the end of the year to be utilized in future
C
total credit the business enjoyed for the particular year from its suppliers
D
total credit owd the business by its customers
correct option: a
Users' Answers & Comments19
A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?
A
total debtors account
B
purchase day book
C
sales day book
D
cash book
correct option: c
Users' Answers & Comments20
Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
A
N40,935
B
N27,961
C
N26,685
D
N1,185
correct option: c
Users' Answers & Comments