AdmitMe
All subjects

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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

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

    A bank overdraft is shown in the cash book as

    Explanation and discussion

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

    A contra entry in the cash book occurs when

    Explanation and discussion

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

    A debtor owing ₦2,000 pays by cheque after a 5% cash discount. The amount of the cheque is

    Explanation and discussion

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

    Cash withdrawn from the bank for office use is recorded in the cash book as

    Explanation and discussion

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

    Opening cash was ₦20,000. Cash sales were ₦35,000, wages paid in cash ₦12,000 and cash banked ₦25,000. Find the closing cash balance.

    Explanation and discussion

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

    In a three-column cash book, the discount columns are

    Explanation and discussion

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

    A credit balance on the bank column of the cash book shows

    Explanation and discussion

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

    In a three-column cash book, discount allowed is entered on the

    Explanation and discussion

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

    A trader received ₦19,000 cash from a debtor who owed ₦20,000 and was allowed a discount. The discount allowed is

    Explanation and discussion

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

    A cash book that records both cash and bank transactions in separate columns is a

    Explanation and discussion

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

    Cash withdrawn from the bank for office use is recorded as a

    Explanation and discussion

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

    Discount allowed in the cash book appears on the

    Explanation and discussion

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

    In the cash book, a bank overdraft brought down appears on the

    Explanation and discussion

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

    Discount received is entered in the cash book on the

    Explanation and discussion

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

    The total of the discount received column is posted to the

    Explanation and discussion

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

    The total of the discount allowed column in the cash book is posted to 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