AdmitMe
All subjects

JAMB Accounts (Principles of Accounts) questions: The cash book and discounts

17 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· The cash book and discounts· JAMB

    A two-column cash book has columns for

    Explanation and discussion

  2. Question 2· The cash book and discounts· JAMB

    When cash is paid into the bank, the entries in a two-column cash book are

    Explanation and discussion

  3. Question 3· The cash book and discounts· JAMB

    A cash book with cash, bank and discount columns is a

    Explanation and discussion

  4. Question 4· The cash book and discounts· JAMB

    Cash sales are recorded on the

    Explanation and discussion

  5. Question 5· The cash book and discounts· JAMB

    Cash withdrawn from the bank for office use is recorded in the cash book by

    Explanation and discussion

  6. Question 6· The cash book and discounts· JAMB

    In a three-column cash book, the total of the discount column on the debit side is posted to the

    Explanation and discussion

  7. Question 7· The cash book and discounts· JAMB

    A contra entry in the cash book arises when

    Explanation and discussion

  8. Question 8· The cash book and discounts· JAMB

    A three-column cash book has columns for

    Explanation and discussion

  9. Question 9· The cash book and discounts· JAMB

    A cheque for ₦20,000 owed by Kola is received less 5% cash discount. How is it recorded in the cash book?

    Explanation and discussion

  10. Question 10· The cash book and discounts· JAMB

    Bank charges shown on the bank statement are entered in the cash book on the

    Explanation and discussion

  11. Question 11· The cash book and discounts· JAMB

    The bank balance was ₦50,000 (debit). Cheques received were ₦120,000 and cheques paid ₦145,000. What is the closing bank balance?

    Explanation and discussion

  12. Question 12· The cash book and discounts· JAMB

    In a three-column cash book, discount allowed is totalled and posted to the

    Explanation and discussion

  13. Question 13· The cash book and discounts· JAMB

    The total of the discount allowed column is posted to the

    Explanation and discussion

  14. Question 14· The cash book and discounts· JAMB

    The cash column of a cash book can never show

    Explanation and discussion

  15. Question 15· The cash book and discounts· JAMB

    The cash in hand at the start of a week was ₦12,000. Cash received during the week was ₦30,000 and cash paid out was ₦26,500. The closing cash balance is

    Explanation and discussion

  16. Question 16· The cash book and discounts· JAMB

    In a three-column cash book, the discount column on the credit side records

    Explanation and discussion

  17. Question 17· The cash book and discounts· JAMB

    A cheque received from a customer and immediately banked is entered on the

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test