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41
Which of the following transaction is BEST recorded in the general journal?
  • A. Payment of rent with cheque
  • B. Purchase of stock with cash
  • C. Purchase of an asset on credit terms
  • D. Transfer of cash from head office branch
View Answer & Discuss (2) JAMB 1995
42
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
  • A. Cash account was credited with N500,000 and capital account was debited with N500,000
  • B. Bank account was debited with N500,000 and capital account was credited with N500,000
  • C. Bank account was accredited with N500,000
  • D. Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
View Answer & Discuss (3) JAMB 1995
43
One major advantage of ledger is that it
  • A. is a book of original entry
  • B. is only accessible to share holders during liquidation
  • C. removes the need for preparing a balance sheet after each transaction
  • D. can be used by any type of business
View Answer & Discuss JAMB 1995
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44
A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of
  • A. classifying accounts in the ledger
  • B. testing arithmetical accuracies of the ledger account balances
  • C. identifying the balance sheet items
  • D. providing a basis for establishing the accountant's competence
View Answer & Discuss (1) JAMB 1995
45
What are the advantages of an imprest petty cash book?
I cheques can be drawn easily
II A cheque on the use of cash
III Liability of the petty cashier is limited to the value of petty cash
IV Loses through the petty cashier can be minimized
  • A. I, II and III only
  • B. I, II and IV only
  • C. I, III and IV only
  • D. II, III and IV only
View Answer & Discuss JAMB 1995
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