Accounts - Principles of Accounts Past Questions

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The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

A. are not important in cashbooks
B. are cash items only
C. do not form part of double entry
D. are used for bank reconciliation

View Answer & Discuss (8) JAMB 1994

When is a petty cash account debited?

A. When the fund is established and every time money is spent
B. When the fund is established and every time it is replenished
C. When the fund is established and when the size of the float is decreased
D. Every time money is drawn from the petty cash

View Answer & Discuss (3) JAMB 1994

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

A. Bank charges
B. Uncleared cheques
C. Returned cheques
D. unpresented cheques

View Answer & Discuss (5) JAMB 1994

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The financial position of an organization at a particular time can be ascertained from the

A. statement of sources and application of funds
B. statement of retained earnings
C. balance sheet
D. profit and loss account

View Answer & Discuss (6) JAMB 1994

Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000

What is the cost of goods sold?

A. N30,000
B. N25,000
C. N20,000
D. N15,000

View Answer & Discuss (11) JAMB 1994

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