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Accounts - Principles of Accounts 2008 JAMB Past Questions

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11
Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?
  • A. debited with N10 000
  • B. credited with N10 000
  • C. debited with N500
  • D. credited with N500
View Answer & Discuss JAMB 2008
12
Commission-on-turnover is charged on?
  • A. current accounts only
  • B. savings accounts only
  • C. fixed deposit accounts only
  • D. all bank accounts
View Answer & Discuss JAMB 2008
13
The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?
  • A. smart card
  • B. communication network
  • C. magnetic strip
  • D. computerized account
View Answer & Discuss (1) JAMB 2008
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14
Use the information below to answer question .

Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?
  • A. N9525
  • B. N9000
  • C. N7100
  • D. N6400
View Answer & Discuss JAMB 2008
15
\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?
  • A. N655 credit
  • B. N655 debit
  • C. N130 credit
  • D. N130 debit
View Answer & Discuss (2) JAMB 2008
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