2000 - JAMB Accounting Past Questions & Answers - page 4

31
In order to make the cash book balance equal to the bank statement, it is usual to add?
A
uncredited cheques
B
direct payments by bank
C
bank charges
D
unpresented cheques
CORRECT OPTION: d
32
Use the information below to answer question 4 and 5.

Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500

Calculate the net profit?
A
N12,500
B
N10,000
C
N8,000
D
N7,500
CORRECT OPTION: c
33
what is the gross profit margin?
A
N100%
B
N50%
C
N40%
D
N30%
CORRECT OPTION: b
34
The main objective of bookkeeping is to record economic?
A
transactions systematically for routine managerial decision-making
B
events clearly to ensure adequate checks and balances
C
events clearly to facilitate strategic managerial desicion-making
D
transaction systematically to ascertain the financial position of a business
CORRECT OPTION: d
35
Which of the following is an example of intangible assets?
A
trade debtors
B
stock of goods
C
trade creditors
D
motor vehicles
CORRECT OPTION: a
36
A source document that aids the ascertainment of amount paid out of current account is the?
A
teller
B
cheque stub
C
cheque
D
teller stub
CORRECT OPTION: b
37
The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?
A
four column
B
three column
C
single column
D
two column
CORRECT OPTION: c
38
A general journal contains?
A
date, narration, folio, debit, and purchases
B
date, narration, folio, debit and purchase
C
folio, credit, date, debit and sales
D
debit, credit, narration, date and discount
CORRECT OPTION: a
39
Which of the following errors will affect the trial balance total?
A
posting disscount allowed to the debit side of the discount allowed account
B
omision of one account from the list when extracting from the ledger
C
failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
D
omission of sales of N3,000 and purchases of N2,000
CORRECT OPTION: d
40
An expenses account is closed by a debit to?
A
an asset account and a credit to the expenses account
B
the expenses account and a credit to an asset account
C
profit and loss account and a creit to the expenses account
D
the expenses account and a credit to profit and loss account
CORRECT OPTION: c
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