JAMB Accounting Past Questions & Answers - Page 135

671.

Which of the following is an item of special assets?

A.

Fixed assets

B.

Current assets

C.

Trademark

D.

Gratuity

Correct answer is C

Special assets are typically private business interests, properties or natural resources that can be difficult to convert directly to more liquid investments, like cash. They may also be called illiquid assets. Example are trademarks, goodwill

674.

Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit - #800
Direct debit - #500

The adjusted cash book balance is

A.

#6,300

B.

#4,300

C.

#3,700

D.

#2,700

Correct answer is A

No explanation has been provided for this answer.

675.

In a modern day banking system, cash transfer cannot be made where the transferer

A.

Has no sufficient cash with the bank

B.

Has no account with the bank

C.

Does not reside in the bank's country

D.

Does not possess the domestic currency

Correct answer is A

You can't transfer money when you do not not have sufficient amount of money on the account.