Jamb Accounts - Principles of Accounts Questions - Role of accounting records and information
Question 1:
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
Question 2:
An effective accounting system should provide information
- A On new product and methods
- B For cutomer feed back and requirement
- C On internal and external reporting for managers and third parties
- D For promoters, directors, labour union and distributors
Question 3:
Which of the following accounting records are source documents?
- A Journal and ledgers
- B Sales invoice and cash book
- C Cash book and debit note
- D Sales invoice and debit note
Question 4:
The starting point for the production of accounts from incomplete records is to
- A Ascertain the total sales
- B Compute the opening stock of goods sold
- C Verify the total purchase
- D Prepare an opening statement of affairs
Question 5:
Departmental accounts re maintained to ascertain the
- A Profits of the entire organization
- B Contribution of each department
- C Expenses of each department
- D Sales of each department