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Accounts - Principles of Accounts Past Questions

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576

The standing order is a payment instruction given by a?

  • A. customer to the bank
  • B. bank to the customer
  • C. bank to an employee
  • D. customer to a fellow customer
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577
Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?
  • A. Error by the bank
  • B. Undercasting of the cash book
  • C. Overcasting of the cash book
  • D. Bank service charges
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578

Given:

Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500

Calculate the balance as per bank statement at the end of the year?

  • A. N24,700
  • B. N25,200
  • C. N26,200
  • D. N27,700
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579

Use the information below to answer questions

Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

Determine the capital of the business?

  • A. N9,400
  • B. N6,000
  • C. N3,400
  • D. N3,000
View Answer & Discuss JAMB 2009
580

Use the information below to answer questions

Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

What is the net working capital?

  • A. N2,600
  • B. N1,800
  • C. N800
  • D. N600
View Answer & Discuss JAMB 2009
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