Jamb Accounting Past Questions For Year 1997
Question 6
The effect of the payment of liability is that it
- A. increase both assets and liabilities
- B. increase assets and decrease liabilities
- C. decrease assets and increase liabilities
- D. decrease both assets and liabilities
Question 7
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
- A. credit note
- B. debit note
- C. invoice
- D. voucher
Question 8
The instrument that are generated when firms enter into business transactions with others are called
- A. purchase document
- B. journals
- C. source documents
- D. invoices
Question 9
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?
- A. N14,583
- B. N25,000
- C. N35,417
- D. N37,415
Question 10
An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?
- A. N700
- B. N770
- C. N800
- D. N822
