Accounts - Principles of Accounts 2014 JAMB Past Questions

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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

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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

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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

A. 1 and 11
B. 1 and 111
C. 1 and V
D. 1 and 1V

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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

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The major focus of the trading account is to show

A. net profit
B. gross margin
C. total purchases
D. total sales

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Accounts - Principles of Accounts 2014 JAMB Past Questions

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