2017 - JAMB Accounting Past Questions and Answers - page 4
31
\(\begin{array}{c|c} & \text{N} \ \hline \text{Balance as per cashbook} & 5 467 \ \hline \text{Uncredited cheques} & 4 410 \ \hline \text{Unpresented cheques} & 19 404 \ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)
The balance as per bank statement is
The balance as per bank statement is
A
₦21,901
B
₦19,021
C
₦21,109
D
₦21,091
correct option: a
Bank reconciliation statement helps to reconcile the cashbook and bank statement if there are disagreement
A is correct: 21,901 is correct because the cheque wrongly debited by the bank will have increase the bank balance therefore to get the value of the bank statement needed to first of all add back the cashbook
Users' Answers & CommentsA is correct: 21,901 is correct because the cheque wrongly debited by the bank will have increase the bank balance therefore to get the value of the bank statement needed to first of all add back the cashbook
32
The following appears in trading account except
A
sales
B
carriage outward
C
carriage inward
D
opening stock
correct option: b
carriage outward: it is the cost of transporting goods from the company to the buyer. it is on debit side of the profit and loss account because it is an expenses incurred on distributing the goods to customer.
Users' Answers & Comments33
Goodwill can be created in the books of a partnership firm when
A
the partnership experiences super profit
B
a new member is admitted
C
the business is being expanded
D
the business suffers high loss
correct option: a
The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill
Users' Answers & Comments34
\(\begin{array}{c|c} & \text{N} \ \hline \text{Debtors opening} & 4000 \ \hline \text{Debtors clsoing} & 1500 \ \hline \text{Cash received from debtors} & 8500 \ \hline \text{Bad debts written off} & 350 \ \hline \text{Discount allowed} & 500 \ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?
What is the amount of sales of sales for the year?
A
₦3850
B
₦6650
C
₦1550
D
₦6850
correct option: d
Dr Total Debtors Control A/c Cr
\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \ \hline
& \text{Dr. Allowed.....500} \ \hline & \text{bal c/d.....1,500} \ \hline 10,850 & 10,850 \ \hline \text{bal b/d.....1,500} & \end{array}\)
D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.
Users' Answers & Comments\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \ \hline
& \text{Dr. Allowed.....500} \ \hline & \text{bal c/d.....1,500} \ \hline 10,850 & 10,850 \ \hline \text{bal b/d.....1,500} & \end{array}\)
D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.
35
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
A
II and IV only
B
I,II and IV only
C
I,II and III only
D
II,III and IV only
correct option: b
Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution
Users' Answers & CommentsII,III and IV: disposal of asset does not constitute dissolution
36
The use of a three column cash book is determined by
A
cash discount
B
trade discount
C
cash transaction
D
Bank transaction
correct option: a
A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time
Users' Answers & Comments37
The discount column on the left-hand side of cashbook represents a discount
A
received from a creditor
B
allowed to a debtor
C
received from a debtor
D
allowed to a creditor
correct option: b
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor
Users' Answers & Comments38
Which of the following is used to service all operations of government?
A
Consolidated Revenue Fund
B
Consolidated Reserve Fund
C
Special Operational Fund
D
General-Reserve Fund
correct option: a
consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead
Users' Answers & Comments39
\(\begin{array}{c|c} & \text{N} \ \hline \text{Balance as per cashbook} & 5 467 \ \hline \text{Uncredited cheques} & 4 410 \ \hline \text{Unpresented cheque} & 19 404 \ \hline \text{Cheques wrongly debited by bank} & 1 440
\end{array}\)
\end{array}\)
A
₦4207
B
₦9527
C
₦6907
D
₦9877
correct option: b
\(\begin{array}{c|c} & \text{N} & \text{N} \ \hline \text{Balance as per cash book} & & 5469 \ \hline \text{Unpresented cheque} & 19494 & \ \hline \text{Cheque wrongly debited} & 1440 & 20844 \ \hline & & 26,311 \ \hline \text{Uncredited cheque} & & 4410 \ \hline \text{Balnce as per bank statement} & & 21,901\end{array}\)
Users' Answers & Comments40
The tier of government that uses financial memorandum
A
Federal government
B
state government
C
local government
D
municipal government
correct option: c
Users' Answers & Comments