2014 - JAMB Accounting Past Questions and Answers - page 2
11
Petty cash book records transactions on
A
the debit side only
B
the credit side only
C
both credit and debit sides
D
reversed entry
12
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
A
imprest system only
B
direct purchase by branch
C
separate accountant for the branch
D
credit sales by only the headquarters
13
1. Cash sales
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receipts
Which of the following are recorded on the debit side of the cash book
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receipts
Which of the following are recorded on the debit side of the cash book
A
1 and 11
B
1 and 111
C
1 and V
D
1 and 1V
14
An item credited in the bank statement but yet to be recorded in the firm's cash book is
A
bank loan
B
contract payment
C
standing order
D
direct deposit
15
The major focus of the trading account is to show
A
net profit
B
gross margin
C
total purchases
D
total sales
16
If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
A
#4,500
B
#8,550
C
#9,000
D
#9,450
17
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
A
#700,000
B
#240,000
C
#220,000
D
#202,000
18
Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be
A
#10,361
B
#10,651
C
#17,396
D
#17,848
19
Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities
A
#8,553
B
#8,263
C
#7,940
D
#1,228
20
The excess of sales over cost of goods sold is
A
gross sales
B
gross profit
C
net profit
D
net sales
Loading lesson…