Cash Book, Bank Transactions and Reconciliation Statements Generix Content - Cash Book, Bank Transactions and Reconciliation Statements
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"Cash Book, Bank Transactions and Reconciliation Statements" question number distribution across years
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JAMB questions for "Financial Accounting :: Cash Book, Bank Transactions and Reconciliation Statements"
Q1
If the float is increased to ₦1 200, how much should the petty cashier receive after period 2?
A
₦160
B
₦840
C
₦1 000
D
₦1 040
E
Q2
What is the balance of cash with the petty cashier at the end of period 1?
A
₦220
B
₦780
C
₦980
D
₦1 780
E
Q3
Cash discount is often recorded on
A
the debit side of the cash book
B
the credit side of the cash book
C
the folio column of the cash book
D
both credit and debit side of the cash book
E
Q4
The standing order is a payment instruction given by a
A
customer to the bank
B
bank to the customers
C
bank to an employee
D
customer to a fellow customer
E
Q5
Which of the following should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?
A
Error by the bank
B
Undercasting of the cash book
C
Overcasting of the cash book
D
Bank service charges
E
Q6
Calculate the balance as per bank statement at the end of the year
A
₦24 700
B
₦25 200
C
₦26 200
D
₦27 700
E
Q7
Receipts and payments account is a summary of the
A
budget
B
trading account
C
cash book
D
profit and loss account
E
Q8
Bariga, a stock broker stationery for ₦12 000 by cash. To record this transaction, debit
A
cash and credit stationery
B
purchases and credit stationery
C
stationery and credit cash
D
stationery and credit purchases
E
Q9
Find the bank balance
A
₦71 250 credit
B
₦71 250 debit
C
₦95 000 credit
D
₦95 000 debit
E
Q10
An entry made in the bank in the column of the cash book to record movement of cash between the office and bank is the
A
real entry
B
special entry
C
direct entry
D
contra entry
E
Q11
Abba offered 5% cash discount on goods worth ₦10 000. The discount allowed account is to be
A
debited with ₦10 000
B
credited with ₦10 000
C
debited with ₦500
D
credited with ₦500
E
Q12
Commission-on-turnover is charged on
A
current accounts only
B
savings accounts only
C
fixed deposit accounts only
D
all bank accounts
E
Q13
The medium that enables the ATM to read the account details and process transactions directly with the account held in the bank is the
A
smart card
B
communication network
C
magnetic strip
D
computerized account
E
Q14
Given that the balance as per cash book after adjustment was ₦6 315, unpresented cheques ₦1 000 and the bank statement balance ₦3 240. What was the balance of the uncredited cheques?
A
₦4 075
B
₦4 240
C
₦3 315
D
₦3 075
E
Q15
What is the amount withdrawn?
A
₦9 525
B
₦9 000
C
₦7 100
D
₦6 400
E
Q16
Determine the closing balance of the cash book
A
₦655 credit
B
₦655 debit
C
₦130 credit
D
₦130 debit
E
Q17
Journal proper is used in recording
A
transactions that are not regular
B
returns from customers
C
credit sales
D
the receipts and payment of money
E
Q18
The process whereby a cheque received by one person is given to another for payment is known as
A
cheque crossing
B
payment in cheque
C
cheque transfer
D
cheque endorsement
E
Q19
Calculate the balance in the bank statement
A
₦10,740
B
₦11,860
C
₦17,500
D
₦16,380
E
Q20
What is the adjusted cash bank balance?
A
₦14,680
B
₦15,560
C
₦16,440
D
₦17,000
E
Q21
If cheques of ₦40,000 were received but a cheque of ₦8,000 was dishonoured, the amount owed was
A
₦9,000
B
₦20,000
C
₦1,000
D
₦17,000
E
Q22
Fatima withdraws goods from the business for personal use. The accounting treatment is to debit
A
stock account and credit profit and loss account
B
drawings account and credit stock account
C
profit and loss account and credit drawings account
D
stock and credit drawings account
E
Q23
The rate of the yearly depreciation expense would be
A
50%
B
40%
C
30%
D
20%
E
Q24
The use of a three-colum cash book is determine by
A
cash discounts
B
trade discounts
C
cash transactions
D
bank transactions
E
Q25
X represents
A
bank charges
B
an unpresented cheque
C
dividends
D
an uncredited cheque
E
Q26
What was the bank balance at the end of the month?
A
7000
B
6500
C
7500
D
9000
E
Q27
Adaobi mistakenly entered ₦7,000 as credit sales in Abba's account instead of Baba's account. This is
A
an error of principles
B
a compensating error
C
an error of commission
D
an error of omission
E
Q28
What is the cash balance on the debit side if it is the only item omitted?
A
₦6,745
B
₦6,754
C
₦6,475
D
₦6,574
E
Q29
The amount of the loan is
A
₦1,000
B
₦2,100
C
₦900
D
₦1,200
E
Q30
How much is the total receipts of the club?
A
₦563440
B
₦687,940
C
₦363,440
D
₦524,500
E
Q31
From the data above, calculate the returns on equity
A
33%
B
35%
C
20%
D
30%
E
Q32
Goods withdrawn from business for private use are credited to
A
sales
B
capital
C
purchases
D
drawings
E
Q33
Yahya's bank account shows a credit balance of ₦1500000. He paid ₦1700000 into the bank. What is his expected balance? What is his expected balance?
A
debit balance of ₦3200000
B
credit balance of ₦3200000
C
credit balance of ₦200000
D
debit balance of ₦200000
E
Q34
What was the balance of cash with the petty cashier at the end of period 1?
A
₦200
B
₦450
C
₦50
D
₦300
E
Q35
How much should the petty cashier received after period 2?
A
₦350
B
₦500
C
₦150
D
₦250
E
Q36
Mr. Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of
A
principle
B
omission
C
original entry
D
commission
E
Q37
In a three-column cash book, the discount allowed is shown on the
A
credit side
B
memorandum column
C
debit side
D
folio column
E
Q38
The recipient whose name appears on a cheque is called
A
payee
B
drawee
C
drawer
D
payer
E
Q39
The cash book closing balance will be
A
₦2,400
B
₦900
C
₦4,600
D
₦4,200
E
Q40
The amount withdrawn is
A
₦4,400
B
₦6,400
C
₦2,100
D
₦2,200
E
Q41
The imprest account is subsidiary to the
A
petty cash
B
cash book
C
bank account
D
ledger account
E
Q42
The three-column cash book differs from the two-column cash book in
A
bank column
B
folio column
C
discount column
D
cash column
E
Q43
Which of the following is used to update the cash book in bank reconciliation?
A
Interest received and unpresented cheques
B
Commission and debit note
C
Unpresented cheques and direct credit
D
Interest received and direct credit
E
Q44
The credit sales for the period would be
A
₦5,000
B
₦1,900
C
₦1,000
D
₦950
E
Q45
The transaction would be recorded in the cash book as debit
A
cash and credit bank
B
bank and credit cash
C
cash and credit cash
D
bank and credit bank
E
Q46
Receipts and payments account is the summary of
A
income and expenditure
B
cash book
C
balance sheet
D
profit and loss
E
Q47
The normal accounting entry to record the dishonour of a cheque by a businessman is to
A
debit cash book and credit suspense account
B
debit cash book and credit drawer
C
credit cash book and debit suspense account
D
credit cash book and debit drawer
E
Q48
What is cash balance?
A
₦12,590
B
₦12,950
C
₦12,095
D
₦12,905
E
Q49
In a petty cash book, the closing balance was 235, imprest 1250, while the stationary expenses were 655. How much was paid for other general expenses?
A
₦305
B
₦350
C
₦355
D
₦360
E
Q50
Given that the balance as per cash book after necessary adjustments was ₦4315, unpresented cheques were ₦1688 and the bank statement balance was 4791, what was the balance of the uncredited cheques?
A
₦1,115
B
₦1,202
C
₦1,212
D
₦1,223
E
Q51
A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36000. What was the amount of cash paid out during the same period?
A
₦29,200
B
₦17,800
C
₦32,800
D
₦19,600
E
Q52
When a bill is negotiated to a bank, it is said to be
A
accepted
B
discounted
C
surrendered
D
cashed
E
Q53
On Novermber 1. 1998, Zaria Holdings owned ₦13 600 in respect of a creditor. On Novermber 15, it purchased goods worth ₦69000 and paid a cheque of ₦51 600. On November 29, one of the Holdings' as at November 29 is
A
₦32 500
B
₦32 000
C
₦31 000
D
₦29 500
E
Q54
To write off bad debt, debit
A
debtor's account and credit provision for bad debt
B
bad debt account and credit debtor's account
C
debtor's account and credit bad debt
D
provision for bad debt account and credit debtor's account
E
Q55
In order to make the cash book balance equal to the bank statement, it is usual to add
A
uncredited cheques
B
direct payments by bank
C
bank charhges
D
unpresented cheques
E
Q56
A source document that aids the ascertainment of amount paid out of a current account is the
A
teller
B
cheque stub
C
cheque
D
teller stub
E
Q57
The most convenient cash book used by a petty trader operating in an area where there is no banking faculty is
A
four column
B
three column
C
single column
D
two column
E
Q58
An expenses account is closed by a debit to
A
an asset account and credit to the expenses account
B
the expense account and a credit to an asset account
C
profit and loss account and credit to the expense account
D
the expense account and a credit to profit and loss account
E
Q59
A source document for the sales day book is
A
requisition form
B
an invoice
C
a customer advice
D
a credit advice
E
Q60
In a cash book, the opening balance was ₦7,600, closing balance ₦9,200 and the total cash received during the period was ₦18,000. What was the amount of cash paid out during the period?
A
₦8,900
B
₦9,900
C
₦14,600
D
₦16,400
E