Accounts - Principles of Accounts Past Questions

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531

Given:

................Cash Book........................

Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400

Find the bank balance?

A. N71 250 credit
B. N71 250 debit
C. N95 000 credit
D. N95 000 debit

View Answer & Discuss JAMB 2008

532

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

A. real entry
B. special entry
C. direct entry
D. contra entry

View Answer & Discuss JAMB 2008

533

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

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534

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

535

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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Accounts - Principles of Accounts Past Questions

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