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Accounts - Principles of Accounts 2020 JAMB Past Questions

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11

The rule of accounting equation requires that account payable should be placed under

  • A. equities
  • B. assets
  • C. capital
  • D. liabilities
View Answer & Discuss JAMB 2020
12

Use the following information below to answer this question 

Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                                     Newspaper          250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

How much should the petty cashier receive after period 2?

  • A. ₦150
  • B. ₦350
  • C. ₦250
  • D. ₦500
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13

Use the following information below to answer this question 

Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                                     Newspaper          250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

What was the balance of cash with the petty cashier at the end of period 1?

  • A. ₦450
  • B. ₦300
  • C. ₦50
  • D. ₦200
View Answer & Discuss JAMB 2020
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14

Accrual accounting differs from cash accounting because it recognizes

  • A. prepayment and cash
  • B. cash and creditors
  • C. cash and debtors
  • D. debtors and creditors
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15

The amount of subscriptions accrued is reported in the balance sheet under

  • A. fixed cost
  • B. current asset
  • C. long term liability
  • D. current liability
View Answer & Discuss (1) JAMB 2020
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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