Jamb Accounting Past Questions For Year 2014
Question 6
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
- A. sales day book
- B. purchases day book
- C. sales subsidiary book
- D. cash book
Question 7
A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit
- A. cash account
- B. bank account
- C. suspense account
- D. purchases account
Question 8
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
- A. imprest system only
- B. direct purchase by branch
- C. separate accountant for the branch
- D. credit sales by only the headquarters
Question 9
Petty cash book records transactions on
- A. the debit side only
- B. the credit side only
- C. both credit and debit sides
- D. reversed entry
Question 10
The major advantage of an imprest system is that it
- A. ensures a proper accountability for every expenditure
- B. trains the young accountants in preparation for greater responsibilities
- C. relieves the cheif cashier of the numerous petty cash payments
- D. serves as an analysis column for every expenses
