Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?
AOutstanding cheques
BBank service charges
CDeposit in the mail not yet received by the bank
DBank error, charging a company for another company's cheque
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Question 22
jamb1999
If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?
AThey must be balanced in the cash book and the difference taken to the debtors ledger
BThey must be balanced in the cash book and the difference taken to the trial balance
CThey should not be balanced in the cash book before being taking to the trial balance
DThey should not appear in the trial balance as they were already either received or paid out
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Question 23
jamb1999
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?
AN8,900
BN9,800
CN14,600
DN16,400
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Question 24
jamb1999
A source document for the sales day book is?
Aa requisition form
Ban invoice
Ca customer advice
Da credit advice
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Question 25
jamb1999
A basic unifying concept in accounting implies that?
Awhere creditors'account is zero, the assets are equal to the owners' equity
Bthere should be a balance in the creditors' account in order to measure total assets
Crevenues should be supported by invested and owners'capital
Dtotal assets can be less than liabilities and equity
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Question 26
jamb1999
When a proprietor withdraws cash from the business for private use, he?
Adebits cash account and credits drawings account
Bcredits cash account and debits bank account
Cdebits bank account and credits drawings account
Dcredits cash account and debits drawings account
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Question 27
jamb1999
A bookkeeping error occurs when there is?
Aa deliberate manipulation of records
Bunintentional correct posting in the ledger
Cintentional failure to record transactions completely
Dincorrect records and oversights that are not intended
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Question 28
jamb1999
The need for changes in accounting theory in Nigeria was influenced by the?
Adynamics of commercialization and privatization policies
Bgrowh in size of business units
Cintroduction of the structural adjustment programme
Dinconvertibility of the nation's currency
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Question 29
jamb1999
The basic role of accounting is to?
Adetect fraud
Battest to finacial statements
Cmeasure performance
Dprotect sharehlders
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Question 30
jamb1999
Accrual concept stipulates that?
Arevenue should be recognized when it is earned
Bcosts should be recognized when the expenditure is paid
Crevenue should be recognized only when cash is paid
