5TH OA Revision Dec 2023

Which of the following facilitates the transfer of money from one bank account to another without the use of cheques?

• Standing order

• Credit transfer

• Bank draft

• Letter of credit

Which of the following shows a summary of all the transactions of a bank account?

• Bank account

• Bank overdraft

• Bank draft

• Bank statement

If a firm wishes to pay its many workers using just one payment from its account, which of the following bank services will it use?

• Credit transfer

• Direct debit

• Standing order

• Money order

Which of the following is the bank on which the cheque is drawn?

• Depositor

• Drawer

• Drawee

• Payee

A bank reconciliation statement reconciles differences between:

• The cash column in the cashbook and the bank column

• The cash column in the cash book and the bank statement

• The bank column in the cash book and the bank statement

• The bank statement and invoices made out by the company

Which of the following records will a cashier handling a cash imprest make out when disbursing cash?

• Petty cash voucher

• Standing orders

• A starting imprest

• Cheques, notes and coins

In the purchasing office, what does the abbreviation FOB stands for?

• First on board

• Freight on board

• Free on board

• First order book

A store of files and records set up for a particular purpose is the definition for which of the following?

• Records management

• Database

• Information

• Folder

Which of the meaning of the abbreviation CIF as appeared on the order form?

• Cash, insurance and freight

• Cash, insurance and faults

• Carriage, insurance and freight

• Cost, insurance and freight

Which of the following does NOT belong to the duties of the purchasing clerk?

• Filing of purchasing records

• Maintaining stock records

• Maintaining a database of suppliers

• Issuing tenders