Accounts - Principles of Accounts Past Questions

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Erroneous rearrangement of financial figures such as writing N624 as N 264 is called

A. transposition
B. principle
C. commission
D. omission

View Answer & Discuss JAMB 1997

Which of the following demonstrates the imprest system?

A. Float → expenses paid → cash in bank → float
B. Float → cash from bank → expenses paid → float
C. Float → expenses paid→ cash from bank → float
D. Float → cash in bank → expenses paid → float

View Answer & Discuss JAMB 1997

When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

A. uncredited cheques
B. dishonoured cheques
C. direct remittance to the bank
D. unpresented cheques

View Answer & Discuss JAMB 1997

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An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?