JAMB Accounting 2009 Objective — Question 9

Question 9 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

9. Period 1: Cash to petty cashier #1,000; Petty cashier pays out #780. Period 2: Petty cashier pays out #840. If the float is increased to #1200, how much should the petty cashier receive after period 2?

A. #160
B. #840
C. #1000
D. #1040Correct

Explanation

Balance after period 1 = 1,000-840(period2 payout consideration)=160, then increased to float of 1,200: 1,200-160=1,040 to be reimbursed.

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