Jamb Accounts - Principles of Accounts Questions
Question 11:
The use of the folio in the ledger is for
- A Referencing purposes
- B Particulars of the transaction
- C The account titles
- D Only credit items
Question 12:
The suspense account is used to correct book-keeping error where the
- A Amount involved is quite significant
- B Item involved is not material
- C Item involved is unknown
- D Error does not affect the agreement of the trial balance
Question 13:
The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
- A Are not important in cashbooks
- B Are cash items only
- C Do not form part of double entry
- D Are used for bank reconciliation
Question 14:
When is a petty cash account debited?
- A When the fund is established and every time money is spent
- B When the fund is established and every time it is replenished
- C When the fund is established and when the size of the float is decreased
- D Every time money is drawn from the petty cash
Question 15:
When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
- A Bank charges
- B Uncleared cheques
- C Returned cheques
- D Unpresented cheques