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Accounts - Principles of Accounts Past Questions

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401
What are the appropriate recording procedures for entries in the trial balance?
  • A. source documents, ledgers and trial balance
  • B. Ledgers, trial balance and source documents
  • C. Ledgers, source documents and trial balance
  • D. Cash account, ledgers and trial balance
View Answer & Discuss (1) JAMB 2005
402
Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?
  • A. omission
  • B. principle
  • C. commission
  • D. original entry
View Answer & Discuss JAMB 2005
403
Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?
  • A. Credit balance of N 200,000
  • B. Debit balance of N 200,000
  • C. credit balance of N 3 200,000
  • D. Debit balance of N3 200,000
View Answer & Discuss (2) JAMB 2005
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404
five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

How much should the petty cashier receive after period 2?
  • A. N150
  • B. N250
  • C. N350
  • D. N500
View Answer & Discuss (5) JAMB 2005
405
five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

What was the balance of cash with the petty cashier ata the end of period 1?
  • A. N50
  • B. N200
  • C. N300
  • D. N450
View Answer & Discuss (1) JAMB 2005
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