2005 - JAMB Accounting Past Questions and Answers - page 4
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five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?
A
N150
B
N250
C
N350
D
N500
correct option: b
Users' Answers & Comments32
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier ata the end of period 1?
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier ata the end of period 1?
A
N50
B
N200
C
N300
D
N450
correct option: a
Users' Answers & Comments33
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
correct option: a
Users' Answers & Comments34
A rent received by a trader for sub-letting part of his business premises should be added to the?
A
gross profit
B
total profit
C
net profit
D
total revenue
correct option: a
Users' Answers & Comments35
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
correct option: a
Users' Answers & Comments36
Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
A
N800
B
N1000
C
N1800
D
N2000
correct option: d
Users' Answers & Comments37
Goods withdraw from business for private use are credited to?
A
drawings
B
purchases
C
sales
D
capital
correct option: b
Users' Answers & Comments38
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?
A
N12 000
B
N60 000
C
N72 000
D
N84 000
correct option: d
Users' Answers & Comments39
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?
A
N96 000
B
N48 000
C
N36 000
D
N24 000
correct option: c
Users' Answers & Comments40
The item that are contained in the bought ledger control account are?
A
discount allowed, bad debts and purchases
B
dishonoured cheques, returns inwards and sales
C
returns outwards, bad debts outewards and sales
D
discount received, returns outwards and purchases
correct option: c
Users' Answers & Comments