Accounts - Principles of Accounts Past Questions and Answers

In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

A N8,900
B N9,800
C N14,600
D N16,400

Question 197:

If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?

A They must be balanced in the cash book and the difference taken to the debtors ledger
B They must be balanced in the cash book and the difference taken to the trial balance
C They should not be balanced in the cash book before being taking to the trial balance
D They should not appear in the trial balance as they were already either received or paid out

Question 198:

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

A Outstanding cheques
B Bank service charges
C Deposit in the mail not yet received by the bank
D Bank error, charging a company for another company's cheque

Question 199:

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A Imprest
B Petty cash
C Float
D Cash advance

Question 200:

A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?

A N2,100,000
B N844,400
C N840,000
D N500,000