2014 - JAMB Accounting Past Questions and Answers - page 2

Petty cash book records transactions on

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

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

An item credited in the bank statement but yet to be recorded in the firm's cash book is

The major focus of the trading account is to show

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?

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

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

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

The excess of sales over cost of goods sold is