Jamb Accounts - Principles of Accounts Questions - Role of accounting records and information
Question 6:
In preparing accounting records, the owner of a business and the business are treated as
View Answer & ExplanationQuestion 7:
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?
View Answer & ExplanationAt 31/12/93, what portion of that amount was prepaid?
Question 8:
In analyzing incomplete records, which of the following should be investigated?
View Answer & ExplanationQuestion 9:
A business transaction is recorded in the books of account when the?
View Answer & ExplanationQuestion 10:
Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?
View Answer & ExplanationThe initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?