Accounts - Principles of Accounts Past Questions

661

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Find the total amount paid?

A. N260
B. N300
C. N200
D. N380

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662

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Calculate the cash discount?

A. N60
B. N90
C. N40
D. N100

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663

In bank reconciliation process, discrepancies cause by timing arises as a result of?

A. cash book bank statement
B. bank statement only
C. cash book, bank statement and other incidental records
D. cash book only

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664

The process of reconciling cheques between banks is termed cheque?

A. clearing
B. truncation
C. holding
D. confirmation

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665

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

A. balance as per bank statement
B. bank balance as per adjusted cash book
C. aggregate balance as per cash book
D. bank balance as per cash book

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Accounts - Principles of Accounts Past Questions

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