2000 - JAMB Accounting Past Questions and Answers - page 4
31
In order to make the cash book balance equal to the bank statement, it is usual to add?
A
uncredited cheques
B
direct payments by bank
C
bank charges
D
unpresented cheques
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32
Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?
A
N12,500
B
N10,000
C
N8,000
D
N7,500
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33
what is the gross profit margin?
A
N100%
B
N50%
C
N40%
D
N30%
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34
The main objective of bookkeeping is to record economic?
A
transactions systematically for routine managerial decision-making
B
events clearly to ensure adequate checks and balances
C
events clearly to facilitate strategic managerial desicion-making
D
transaction systematically to ascertain the financial position of a business
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35
Which of the following is an example of intangible assets?
A
trade debtors
B
stock of goods
C
trade creditors
D
motor vehicles
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36
A source document that aids the ascertainment of amount paid out of current account is the?
A
teller
B
cheque stub
C
cheque
D
teller stub
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37
The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?
A
four column
B
three column
C
single column
D
two column
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38
A general journal contains?
A
date, narration, folio, debit, and purchases
B
date, narration, folio, debit and purchase
C
folio, credit, date, debit and sales
D
debit, credit, narration, date and discount
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39
Which of the following errors will affect the trial balance total?
A
posting disscount allowed to the debit side of the discount allowed account
B
omision of one account from the list when extracting from the ledger
C
failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
D
omission of sales of N3,000 and purchases of N2,000
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40
An expenses account is closed by a debit to?
A
an asset account and a credit to the expenses account
B
the expenses account and a credit to an asset account
C
profit and loss account and a creit to the expenses account
D
the expenses account and a credit to profit and loss account
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