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 are recorded on the debit side of the cash book
A1 and 11
B1 and 111
C1 and V
D1 and 1V
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Question 43
jamb2014
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
Aimprest system only
Bdirect purchase by branch
Cseparate accountant for the branch
Dcredit sales by only the headquarters
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Question 44
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Petty cash book records transactions on
Athe debit side only
Bthe credit side only
Cboth credit and debit sides
Dreversed entry
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Question 45
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The major advantage of an imprest system is that it
Aensures a proper accountability for every expenditure
Btrains the young accountants in preparation for greater responsibilities
Crelieves the cheif cashier of the numerous petty cash payments
Dserves as an analysis column for every expenses
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Question 46
jamb2014
Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. 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?
A#25,650
B#22,800
C#19,950
D#18,240
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Question 47
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The accounting entries to record a cheque issued by a business is to
Adebit cash book and credit drawer
Bcredit cash book and debit drawer
Cdebit cash book and credit suspense account
Dcredit cash book and debit suspense account
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Question 48
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The book of account in which information from the source documents are recorded consists of
Adebit and credit notes
Bledger and subsidiary books
Cprepayments and accruals
Dprofit and loss and balance sheet
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Question 49
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A ledger is classified into
Aprivate, sales and purchases
Bpersonal, general and private
Cgeneral, private and sales
Dsales, purchases and general
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Question 50
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Which of the following affects the accuracy and authenticity of the trial balance?
AError of ommission
BError of commission
CError of transposition
DError of original entry
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Question 51
jamb2014
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
Asales day book
Bpurchases day book
Csales subsidiary book
Dcash book
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Question 52
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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
Acash account
Bbank account
Csuspense account
Dpurchases account
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Question 53
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The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is
Amatching
Bconsistency
Crealization
Dgoing concern
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Question 54
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One of the the differences between bookkeeping and accounting is that the former
Arecords data while the latter interprets
Bis regarded as the language of the business while the latter ascertains its strenght
Cinterprets data while the latter records it
Dsummarises information while the latter communicates it
