JAMB and WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 461· Petty cash and the imprest system· WAEC
The imprest is ₦15,000 and ₦11,200 was spent. The amount to restore the imprest is
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Answer: D. ₦11,200
Explanation and discussion
Question 462· Petty cash and the imprest system· JAMB
Under the imprest system, the amount held by the petty cashier at the start of each period is
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Answer: A. always the same
Explanation and discussion
Question 463· Petty cash and the imprest system· JAMB
A petty cash imprest of ₦20,000 was kept. At the end of the week ₦5,500 remained. The amount needed to restore the imprest is
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Answer: D. ₦14,500
Explanation and discussion
Question 464· Petty cash and the imprest system· JAMB
The petty cash book is a book of
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Answer: D. original entry
Explanation and discussion
Question 465· Petty cash and the imprest system· WAEC
The petty cash imprest is ₦20,000 and ₦14,500 was spent during the month. How much is needed to restore the imprest?
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Answer: C. ₦14,500
Explanation and discussion
Question 466· Petty cash and the imprest system· WAEC
The person in charge of the petty cash book is the
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Answer: D. petty cashier
Explanation and discussion
Question 467· Petty cash and the imprest system· JAMB
The petty cashier receives the float from
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Answer: C. the main cashier
Explanation and discussion
Question 468· Petty cash and the imprest system· JAMB
From an imprest of ₦12,000, payments were stamps ₦2,000, fuel ₦5,500 and cleaning ₦1,500. How much is left?
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Answer: B. ₦3,000
Explanation and discussion
Question 469· Petty cash and the imprest system· WAEC
At the end of a month a cheque for ₦9,200 restores the petty cash float to ₦15,000. How much was in the petty cash box before it was restored?
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Answer: A. ₦5,800
Explanation and discussion
Question 470· Petty cash and the imprest system· WAEC
Under the imprest system, the petty cashier
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Answer: C. is restored to a fixed float at the start of each period
Explanation and discussion
Question 471· Petty cash and the imprest system· WAEC
The petty cash book is used mainly for
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Answer: B. small, frequent expenses
Explanation and discussion
Question 472· Petty cash and the imprest system· WAEC
Analysis columns in the petty cash book are used to
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Answer: D. group payments by type of expense
Explanation and discussion
Question 473· Petty cash and the imprest system· JAMB
A petty cash float of ₦20,000 has ₦3,500 left. The amount reimbursed is
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Answer: D. ₦16,500
Explanation and discussion
Question 474· Petty cash and the imprest system· WAEC
The analysis columns of the petty cash book help to
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Answer: B. group small expenses for posting to the ledger
Explanation and discussion
Question 475· Petty cash and the imprest system· WAEC
The imprest is ₦10,000 and ₦7,200 was spent during the month. The amount needed to restore the imprest is
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Answer: D. ₦7,200
Explanation and discussion
Question 476· Petty cash and the imprest system· WAEC
The analysis columns in a petty cash book help to
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Answer: B. group similar expenses for posting to the ledger
Explanation and discussion
Question 477· Petty cash and the imprest system· JAMB
The analysis columns of a petty cash book help to
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Answer: D. show expenses by type for posting
Explanation and discussion
Question 478· Petty cash and the imprest system· WAEC
A petty cash voucher is used to
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Answer: D. support each petty cash payment
Explanation and discussion
Question 479· Petty cash and the imprest system· JAMB
Under the imprest system, the petty cashier is reimbursed with
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Answer: C. the amount spent during the period
Explanation and discussion
Question 480· Petty cash and the imprest system· JAMB
The petty cash book is usually balanced
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Answer: A. at the end of each period when the imprest is restored
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

The imprest is ₦15,000 and ₦11,200 was spent. The amount to restore the imprest is

Under the imprest system, the amount held by the petty cashier at the start of each period is

A petty cash imprest of ₦20,000 was kept. At the end of the week ₦5,500 remained. The amount needed to restore the imprest is

The petty cash book is a book of

The petty cash imprest is ₦20,000 and ₦14,500 was spent during the month. How much is needed to restore the imprest?

The person in charge of the petty cash book is the

The petty cashier receives the float from

From an imprest of ₦12,000, payments were stamps ₦2,000, fuel ₦5,500 and cleaning ₦1,500. How much is left?

At the end of a month a cheque for ₦9,200 restores the petty cash float to ₦15,000. How much was in the petty cash box before it was restored?

Under the imprest system, the petty cashier

The petty cash book is used mainly for

Analysis columns in the petty cash book are used to

A petty cash float of ₦20,000 has ₦3,500 left. The amount reimbursed is

The analysis columns of the petty cash book help to

The imprest is ₦10,000 and ₦7,200 was spent during the month. The amount needed to restore the imprest is

The analysis columns in a petty cash book help to

The analysis columns of a petty cash book help to

A petty cash voucher is used to

Under the imprest system, the petty cashier is reimbursed with

The petty cash book is usually balanced