JAMB and WAEC Accounts (Principles of Accounts) questions

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All JAMB WAEC

Question 561· The cash book and discounts· WAEC
A cash book that records both cash and bank transactions in separate columns is a
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Answer: B. two-column cash book
Explanation and discussion
Question 562· 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?
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Answer: A. ₦25,000 debit
Explanation and discussion
Question 563· The cash book and discounts· JAMB
In a three-column cash book, discount allowed is totalled and posted to the
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Answer: D. debit of discount allowed account
Explanation and discussion
Question 564· The cash book and discounts· WAEC
Cash withdrawn from the bank for office use is recorded as a
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Answer: D. contra entry
Explanation and discussion
Question 565· The cash book and discounts· WAEC
Discount allowed in the cash book appears on the
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Answer: C. debit side
Explanation and discussion
Question 566· The cash book and discounts· WAEC
In the cash book, a bank overdraft brought down appears on the
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Answer: C. credit side
Explanation and discussion
Question 567· The cash book and discounts· JAMB
The total of the discount allowed column is posted to the
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Answer: D. debit of the discount allowed account
Explanation and discussion
Question 568· The cash book and discounts· WAEC
Discount received is entered in the cash book on the
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Answer: D. credit side
Explanation and discussion
Question 569· The cash book and discounts· WAEC
The total of the discount received column is posted to the
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Answer: B. credit of discount received account
Explanation and discussion
Question 570· The cash book and discounts· JAMB
The cash column of a cash book can never show
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Answer: B. a credit balance
Explanation and discussion
Question 571· The cash book and discounts· WAEC
The total of the discount allowed column in the cash book is posted to the
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Answer: D. debit side of the discount allowed account
Explanation and discussion
Question 572· 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
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Answer: C. ₦15,500
Explanation and discussion
Question 573· The cash book and discounts· JAMB
In a three-column cash book, the discount column on the credit side records
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Answer: C. discounts received
Explanation and discussion
Question 574· The cash book and discounts· JAMB
A cheque received from a customer and immediately banked is entered on the
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Answer: C. debit side of the bank column
Explanation and discussion
Question 575· The trial balance and errors· JAMB
When a trial balance fails to agree, the difference is placed temporarily in a
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Answer: B. suspense account
Explanation and discussion
Question 576· The trial balance and errors· WAEC
Mrs Eze lists all her ledger balances to see whether total debits equal total credits. She is preparing a
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Answer: D. trial balance
Explanation and discussion
Question 577· The trial balance and errors· JAMB
Which of the following errors will cause the trial balance totals to disagree?
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Answer: C. A debit entry with no matching credit
Explanation and discussion
Question 578· The trial balance and errors· JAMB
Discount allowed of ₦300 posted to the credit side of discount allowed account will cause the trial balance
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Answer: D. debit total to be ₦600 less than credit
Explanation and discussion
Question 579· The trial balance and errors· JAMB
A suspense account has a debit balance of ₦500. This means that in the trial balance
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Answer: A. the credit side exceeded the debit side by ₦500
Explanation and discussion
Question 580· The trial balance and errors· WAEC
Which of these balances appears on the credit side of a trial balance?
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Answer: B. capital
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

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

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

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

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

Discount allowed in the cash book appears on the

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

The total of the discount allowed column is posted to the

Discount received is entered in the cash book on the

The total of the discount received column is posted to the

The cash column of a cash book can never show

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

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

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

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

When a trial balance fails to agree, the difference is placed temporarily in a

Mrs Eze lists all her ledger balances to see whether total debits equal total credits. She is preparing a

Which of the following errors will cause the trial balance totals to disagree?

Discount allowed of ₦300 posted to the credit side of discount allowed account will cause the trial balance

A suspense account has a debit balance of ₦500. This means that in the trial balance

Which of these balances appears on the credit side of a trial balance?