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Accounts - Principles of Accounts Past Questions

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511
Use the information below to answer question

Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200


What will be the equity of the business?
  • A. N12 800
  • B. N4900
  • C. N8200
  • D. N9500
View Answer & Discuss JAMB 2007
512
The process whereby a cheque received by one person is given to another is known as?
  • A. cheque crossing
  • B. payment in cheque
  • C. cheque transfer
  • D. cheque endorsement
View Answer & Discuss JAMB 2007
513
Journal proper is used in recording?
  • A. transactions that are not regular
  • B. returns from customers
  • C. credit sales
  • D. the receipt and payment for money
View Answer & Discuss JAMB 2007
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514
Use the information below to answer questions

Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?

Calculate the balance in the bank statement.
  • A. N14 680
  • B. N15 560
  • C. 17 500
  • D. 16 380
View Answer & Discuss JAMB 2007
515
Use the information below to answer questions

Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?

What is the adjusted cash book balance?
  • A. N14 680
  • B. N15 560
  • C. N16 440
  • D. N17 000
View Answer & Discuss (1) JAMB 2007
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