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Accounts - Principles of Accounts Past Questions

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241
The accuracy of journalist is checked by?
  • A. ensuring that debit totals equal credit totals
  • B. posting all journal entries to ledger accounts
  • C. adding all figures in the debit column
  • D. comparing accounts in the ledger against the journals
View Answer & Discuss JAMB 2001
242
Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?
  • A. N250
  • B. N570
  • C. N600
  • D. N850
View Answer & Discuss (1) JAMB 2001
243
A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?
  • A. N17,800
  • B. N19,600
  • C. N29,200
  • D. N32,800
View Answer & Discuss JAMB 2001
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244
In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?
  • A. N360
  • B. N355
  • C. N350
  • D. N305
View Answer & Discuss (2) JAMB 2001
245
When a bill is negotiated to a bank, it is said be?
  • A. surrendered
  • B. cashed
  • C. discounted
  • D. accepted
View Answer & Discuss JAMB 2001
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