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jamb 2014 accountint

1. Aduke Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

 
 
 
 

2. Which of the following affects the accuracy and authenticity of the trial balance?

 
 
 
 

3. I. Cash sales
II. Cash purchases
III. Cash discount allowed
IV. Cash payment
V. Cash receipts

Which of the following are recorded on the debit side of the cash book?

 
 
 
 

4. Question Paper Type: S
Which Question Paper Type of Principles of Accounts is given to you?

 
 
 
 

5. The major advantage of an imprest system is that it

 
 
 
 

6. If goods were bought from Tanko at a cost price of ₦9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

 
 
 
 

7. The accounting entries to record a cheque issued by a business is to

 
 
 
 

8. A ledger is classified into

 
 
 
 

9. An item credited in the bank statement but yet to be recorded in the firms cash book is

 
 
 
 

10. Petty cash book records transactions on

 
 
 
 

11. A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

 
 
 
 

12. The formula for calculating depreciation using straight line method is

 
 
 
 

13. The major focus of the trading account is to show

 
 
 
 

14. Given:
If Emenike Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 121/2%. Assuming ₦22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company’s cash book?

 
 
 
 

15. The book of account in which information from the source documents are recorded consist of

 
 
 
 

16. A cheque of ₦5,000 paid to Suleiman had been correctly entered in the cash book but had not been entered in Suleiman’s account. To correct this error, debit Suleiman’s account and credit

 
 
 
 

17. If machine X cost ₦600,000 with anticipated life span of five years and estimated scrap value of ₦50,000, using straight line method; depreciation charged for two years will be

 
 
 
 

18.

Use the information below to answer this question

Balance sheet(Extract)

 
Creditors 7,940
Prepaid expenses 290
Accrual expenses 323
Stock 4,500
Cash balances 4,956
Debtors 905

The value of the current assets will be

 
 
 
 

19. The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

 
 
 
 

20. One of the differences between book-keeping and accounting is that the former

 
 
 
 

Question 1 of 20

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