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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· 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

  2. Question 22· The cash book and discounts· JAMB

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

    Explanation and discussion

  3. Question 23· The cash book and discounts· WAEC

    Cash withdrawn from the bank for office use is recorded as a

    Explanation and discussion

  4. Question 24· The cash book and discounts· WAEC

    Discount allowed in the cash book appears on the

    Explanation and discussion

  5. Question 25· The cash book and discounts· WAEC

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

    Explanation and discussion

  6. Question 26· The cash book and discounts· JAMB

    The total of the discount allowed column is posted to the

    Explanation and discussion

  7. Question 27· The cash book and discounts· WAEC

    Discount received is entered in the cash book on the

    Explanation and discussion

  8. Question 28· The cash book and discounts· WAEC

    The total of the discount received column is posted to the

    Explanation and discussion

  9. Question 29· The cash book and discounts· JAMB

    The cash column of a cash book can never show

    Explanation and discussion

  10. Question 30· The cash book and discounts· WAEC

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

    Explanation and discussion

  11. Question 31· 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

  12. Question 32· The cash book and discounts· JAMB

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

    Explanation and discussion

  13. Question 33· The cash book and discounts· JAMB

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

    Explanation and discussion

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