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Accounts - Principles of Accounts 2015 JAMB Past Questions

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56

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175

How much was received to maintain the imprest at the end of the month?

  • A. N1, 605
  • B. N875
  • C. N2, 450
  • D. N1, 300
View Answer & Discuss (1) JAMB 2015
57
The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------
  • A. appreciation
  • B. amortization
  • C. provisions
  • D. depreciation
View Answer & Discuss JAMB 2015
58
To realize an asset means to
  • A. mortgage it
  • B. open its account in the ledger
  • C. turn it to cash
  • D. give it out as a collateral
View Answer & Discuss JAMB 2015
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59
The process of cost apportionment is carried out so that
  • A. indirect costs may be controlled
  • B. cost units could gather overhead as they pass through cost centres
  • C. variable costs may be controlled
  • D. common costs are shared among cost centres
View Answer & Discuss JAMB 2015
60
Preliminary expenses is an example of
  • A. fictitious assets
  • B. liquid assets
  • C. wasting assets
  • D. tangible assets
View Answer & Discuss (3) JAMB 2015
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