Jamb Accounts - Principles of Accounts Questions - Information Technology in Accounting
Question 1:
Which of the following demonstrates the imprest system?
- A Float → expenses paid → cash in bank → float
- B Float → cash from bank → expenses paid → float
- C Float → expenses paid→ cash from bank → float
- D Float → cash in bank → expenses paid → float
Question 2:
An advantage of the use of the voucher system is that it?
- A Reduces the number of cheques that will be writen during any given period
- B Provides a highly flexible system for handling unusual transactions
- C Provides a comprehensive record of business done with particular suppliers
- D Ensure that every expenditure is reviewed and verified before payment is made
Question 3:
The main features of the single system are that?
- A Books of accounts are not maintained and business relies only on bank statement
- B The journal records are absent and only the main ledger is kept 7
- C There are incomplete classifications and recording procedures
- D Only credit sales transactions and credit purchase are recorded
Question 4:
keeping records under the single entry system has the advantage of?
- A Quality in terms of records
- B Completeness in terms of records
- C Accuracy in terms of operation
- D Simplicity in terms of operation
Question 5:
The major advantage of an imprest system is that it
- A Ensures a proper accountability for every expenditure
- B Trains the young accountants in preparation for greater responsibilities
- C Relieves the cheif cashier of the numerous petty cash payments
- D Serves as an analysis column for every expenses