Jamb Accounting Past Questions For Year 1994
Question 11
Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000
What is the cost of goods sold?
- A. N30,000
- B. N25,000
- C. N20,000
- D. N15,000
Question 12
The financial position of an organization at a particular time can be ascertained from the
- A. statement of sources and application of funds
- B. statement of retained earnings
- C. balance sheet
- D. profit and loss account
Question 13
When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
- A. Bank charges
- B. Uncleared cheques
- C. Returned cheques
- D. unpresented cheques
Question 14
When is a petty cash account debited?
- A. When the fund is established and every time money is spent
- B. When the fund is established and every time it is replenished
- C. When the fund is established and when the size of the float is decreased
- D. Every time money is drawn from the petty cash
Question 15
The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
- A. are not important in cashbooks
- B. are cash items only
- C. do not form part of double entry
- D. are used for bank reconciliation
