2014 - JAMB Accounting Past Questions and Answers - page 1

One of the the differences between bookkeeping and accounting is that the former

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

Which of the following affects the accuracy and authenticity of the trial balance?

A ledger is classified into

The book of account in which information from the source documents are recorded consists of

The accounting entries to record a cheque issued by a business is to

Given:

If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

The major advantage of an imprest system is that it