Search SchoolNGR

Thursday, 01 October 2026
Register . Login

Accounts - Principles of Accounts Past Questions and Answers

Topic: Instrument of bank transactions

Jamb Accounts - Principles of Accounts Questions - Instrument of bank transactions

Question 1:
The process whereby a cheque received by one person is given to another is known as?
  • A Cheque crossing
  • B Payment in cheque
  • C Cheque transfer
  • D Cheque endorsement
View Answer & Explanation
Question 2:
If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was
  • A N9 000
  • B N20 000
  • C N 1000
  • D N17 000
View Answer & Explanation
Question 3:
The process of reconciling cheques between banks is termed cheque?
  • A Clearing
  • B Truncation
  • C Holding
  • D Confirmation
View Answer & Explanation
Question 4:
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an
  • A Warrant
  • B Budget
  • C Imprest
  • D Consolidated fund
View Answer & Explanation