2010 - JAMB Accounting Past Questions and Answers - page 3
21
The source documents include?
A
cash book
B
petty cash book
C
general ledger
D
credit notes
22
A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?
A
commission paid
B
interest received
C
direct payment
D
direct withdrawal
23
The bank charges levied on a current account holder is the charge on?
A
transaction
B
turnover
C
transfer
D
cash received
24
The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?
A
dividend received
B
uncredited expenses
C
uncredited cheques
D
interest on lodgement
25
Use the information below to answer question 14 and 15.
Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200
Find the gross profit.
A
N7 800
B
N7 900
C
N9700
D
5700
26
The cost of goods available for sale is?
A
N4 600
B
N5 000
C
N6 400
D
N4 400
27
Benefit enjoyed for which payments have not been made are?
A
accruals
B
prepayments
C
acquisitions
D
provisions
28
Use the information below to answer questions 16 and 17.
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.
Determine the provision for bad debts to profit and loss account?
A
N500
B
N820
C
N1300
D
N300
29
Calculate the provision to be taken to the balance sheet?
A
N780
B
N800
C
1200
D
N200
30
If an organization maintains a periodic stock system, the stock quantities are?
A
updated at the end of the accounting year
B
not considered inthe updating process
C
updated continuously
D
updated at the beginning of the accounting year
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