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Accounts - Principles of Accounts Past Questions

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281
In an incomplete record, the preparation of the bank reconciliation ensures that?
  • A. all cash taking are banked
  • B. the cash book is correct
  • C. there are no overdrafts
  • D. there are no hidden loans
View Answer & Discuss (2) JAMB 2002
282
In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?
  • A. N950
  • B. N970
  • C. N430
  • D. N380
View Answer & Discuss JAMB 2002
283
(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?
  • A. iii and iv
  • B. i and ii
  • C. i and iii
  • D. ii and iii
View Answer & Discuss JAMB 2002
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284
NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

Capital N74480

Creditors N15875

Prepaid expenses N580

Motor vehicles N34750

Furniture N35850

Accrued expenses N645

Stock N8100

Cash balances N9911

Debtors N1809
Compute the value of current assets?
  • A. N20400
  • B. N20465
  • C. N35695
  • D. N19820
View Answer & Discuss JAMB 2002
285
Use the information below to answer questions

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The value of capital invested by the owners is?
  • A. N110,000
  • B. N105,000
  • C. N101,000
  • D. N100,000
View Answer & Discuss JAMB 2002
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