JAMB and WAEC Accounts (Principles of Accounts) questions

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All JAMB WAEC

Question 541· Source documents and books of original entry· JAMB
Opening entries for a new business are recorded in the
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Answer: C. journal
Explanation and discussion
Question 542· The cash book and discounts· WAEC
A bank overdraft is shown in the cash book as
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Answer: A. a credit balance in the bank column
Explanation and discussion
Question 543· The cash book and discounts· JAMB
A two-column cash book has columns for
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Answer: B. cash and bank
Explanation and discussion
Question 544· The cash book and discounts· JAMB
When cash is paid into the bank, the entries in a two-column cash book are
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Answer: C. credit the cash column, debit the bank column
Explanation and discussion
Question 545· The cash book and discounts· WAEC
A contra entry in the cash book occurs when
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Answer: D. cash is paid into the bank
Explanation and discussion
Question 546· The cash book and discounts· JAMB
A cash book with cash, bank and discount columns is a
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Answer: B. three-column cash book
Explanation and discussion
Question 547· The cash book and discounts· JAMB
Cash sales are recorded on the
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Answer: B. debit side of the cash book
Explanation and discussion
Question 548· The cash book and discounts· JAMB
Cash withdrawn from the bank for office use is recorded in the cash book by
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Answer: B. debiting the cash column and crediting the bank column
Explanation and discussion
Question 549· 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
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Answer: B. ₦1,900
Explanation and discussion
Question 550· The cash book and discounts· WAEC
Cash withdrawn from the bank for office use is recorded in the cash book as
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Answer: A. debit cash column, credit bank column
Explanation and discussion
Question 551· 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
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Answer: A. debit of discount allowed account
Explanation and discussion
Question 552· The cash book and discounts· JAMB
A contra entry in the cash book arises when
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Answer: A. cash is paid into the bank from the office cash
Explanation and discussion
Question 553· 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.
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Answer: B. ₦18,000
Explanation and discussion
Question 554· The cash book and discounts· JAMB
A three-column cash book has columns for
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Answer: B. discount, cash and bank
Explanation and discussion
Question 555· The cash book and discounts· WAEC
In a three-column cash book, the discount columns are
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Answer: A. memorandum columns that are not balanced
Explanation and discussion
Question 556· The cash book and discounts· WAEC
A credit balance on the bank column of the cash book shows
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Answer: B. a bank overdraft
Explanation and discussion
Question 557· The cash book and discounts· WAEC
In a three-column cash book, discount allowed is entered on the
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Answer: B. debit side
Explanation and discussion
Question 558· 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?
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Answer: C. ₦19,000 in the bank column and ₦1,000 in the discount column, debit side
Explanation and discussion
Question 559· The cash book and discounts· JAMB
Bank charges shown on the bank statement are entered in the cash book on the
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Answer: A. credit side of the bank column
Explanation and discussion
Question 560· 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
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Answer: A. ₦1,000
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Opening entries for a new business are recorded in the

A bank overdraft is shown in the cash book as

A two-column cash book has columns for

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

A contra entry in the cash book occurs when

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

Cash sales are recorded on the

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

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

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

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

A contra entry in the cash book arises when

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.

A three-column cash book has columns for

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

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

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

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

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

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