JAMB Accounting Past Question and AnswerSamuel Emeka OkekeMarch 6, 2022Financial Accounting Lesson Notes For SS1 - SS3 All Classes, JAMB/UTME Exam Past Questions & Answers JAMB Accounting Past Question and Answer PRO 0% JAMB ACCOUNT PAST QUESTION JAMB ACCOUNT PAST QUESTION PRO Practice JAMB Accounting Past Questions and Answers and pass your examination. 1 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is shown in the profit and loss appropriation account of a company dividends depreciation directors emoluments interest charges 2 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the following information to answer this question. Provision for bad debt 1500 Additional information 1. Bad debt written off amount to 3000 2. Debtors balance as at the end of the year is 28,000 3. Provision for bad debts stand at 10% How much is to be charged to profit and loss account as provision for bad debt? N3, 000 N2, 500 N2, 800 N1, 000 3 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following cannot be realized? motor vehicles debtors creditors goodwill 4 / 40 Category: JAMB ACCOUNT PAST QUESTION Accounting information is used by investors and creditors of a company to predict appropriate remunerations for the company’s staff future tax payments of the company potential merger candidates for the company future cash flows of the company 5 / 40 Category: JAMB ACCOUNT PAST QUESTION An advantage of using accounting ratios is that can be easily calculated facilitate decision making show errors and frauds are stipulated by law 6 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is not a proper form of the accounting equation fixed assets + current assets - liabilities = capital fixed assets – liabilities + current assets = capital fixed assests + current assests + liabilities = capital fixed asset + current asset – capital = liabilities 7 / 40 Category: JAMB ACCOUNT PAST QUESTION If rent account is debited instead of rate account, the error committed is that of; omission principle original entry commission 8 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is depreciated on straight line method expensed in the year of purchase depreciated on reducing balance method charged to federation account 9 / 40 Category: JAMB ACCOUNT PAST QUESTION Income and expenditure account is more detailed than receipts and payments account because it disclosed stocks cheques cash debtors 10 / 40 Category: JAMB ACCOUNT PAST QUESTION If sales return is understated, it implies that ------------------------------ is overstated return inward cost of sales sales figure return outward 11 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following accounts is debited when a delivery van is sold for cash? sales account cash account profit and loss accounts delivery van account 12 / 40 Category: JAMB ACCOUNT PAST QUESTION The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is Business entity Accrual Materiality Going concern 13 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this question. Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000. What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co? 6 : 5 2 : 3 3 : 2 5 : 6 14 / 40 Category: JAMB ACCOUNT PAST QUESTION The income and expenditure account of a club is the same as single entry account a cash book a trading account a profit and loss account 15 / 40 Category: JAMB ACCOUNT PAST QUESTION The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- conversion allocation analysis control 16 / 40 Category: JAMB ACCOUNT PAST QUESTION Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as --------------------- accounting conventions cost accounting accounting policies financial accounting 17 / 40 Category: JAMB ACCOUNT PAST QUESTION Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases. N8950 N7050 N8050 N7950 18 / 40 Category: JAMB ACCOUNT PAST QUESTION The interest of a petty cashier is N2450 Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the interest at the end of the month? N2, 450 N8, 45 N1, 605 N1, 300 19 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is not a feature of accounting information? timeliness completeness affordability accuracy 20 / 40 Category: JAMB ACCOUNT PAST QUESTION A sales for N2,570 was recorded in the sales day error of principleerror of principlebook as N2750. The error committed was error of principle error of original entry error of commission compensating error 21 / 40 Category: JAMB ACCOUNT PAST QUESTION The ledger entries to be made if cash sales is banked is debit bank, credit sales bank, credit cash cash, credit sales sales, credit cash 22 / 40 Category: JAMB ACCOUNT PAST QUESTION What is the ledger entry for sale of generator on credit to Patrick? credit sales account and debit Patrick’s account credit generator account and debit Patrick’s account credit sales account and debit cash account credit generator account and debit cash account 23 / 40 Category: JAMB ACCOUNT PAST QUESTION The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is business entity going concern periodicity dual aspect 24 / 40 Category: JAMB ACCOUNT PAST QUESTION The process of cost apportionment is carried out so that indirect costs may be controlled cost units could gather overhead as they pass through cost centres common costs are shared among cost centres variable costs may be controlled 25 / 40 Category: JAMB ACCOUNT PAST QUESTION Keeping records under single entry system has the advantage of Simplicity in terms of operation Completeness in terms of records Accuracy in terms of operation Quality in terms of records 26 / 40 Category: JAMB ACCOUNT PAST QUESTION The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention prudency consistency marching realization 27 / 40 Category: JAMB ACCOUNT PAST QUESTION To realize an asset means to turn it to cash mortgage it give it out as a collateral open its account in the ledger 28 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this question. Jejelaye Plc stock records for 2009 was given below: Jan 1 received 100 units at N1.00 Jan 8 received 260 units at N1.05 Jan 20 issued 700units at ......... Feb 3 received 400 units at N1.15 What will be the issued price of 700 units, using simple average method N1.183 N1.025 N1.05 N1.00 29 / 40 Category: JAMB ACCOUNT PAST QUESTION The purpose of a trading account is to ascertain gross profit or loss carriage outwards net profit or loss sales 30 / 40 Category: JAMB ACCOUNT PAST QUESTION Sales ledger control account contains the total amount in respect of creditors investors debtors shareholders 31 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the following information to answer this question. Club building 400,000; Subscription prepaid 3,000; Sport kits 150,000; Bar creditors 85,000; Subscription owing 32,000; What is the club’s accumulated fund? N402, 000 N699, 000 N605, 000 N641, 000 32 / 40 Category: JAMB ACCOUNT PAST QUESTION Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000 N50,000 N55,000 N51,000 N52,000 33 / 40 Category: JAMB ACCOUNT PAST QUESTION Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000 N14,000 N16,000 N13,000 N17,000 34 / 40 Category: JAMB ACCOUNT PAST QUESTION One of the items listed below will not be found in a company’s memorandum and article of association. Which is it? bank signatories objects and their alteration location of business powers of directors 35 / 40 Category: JAMB ACCOUNT PAST QUESTION Which method of pricing can be used satisfactorily in either rising or falling price situation? FIFO Standard price Average method Market price 36 / 40 Category: JAMB ACCOUNT PAST QUESTION Capital reserves includes the following except pre-incoporation profit revaluation surplus share premium general reserves 37 / 40 Category: JAMB ACCOUNT PAST QUESTION The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------ appreciation amortization depreciation provisions 38 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this question. Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000 The double entry to record the goodwill in the books is debt cash account and credit goodwill account purchase of business account and credit cash account goodwill account and credit cash account goodwill account and credit purchase of business account 39 / 40 Category: JAMB ACCOUNT PAST QUESTION What does liquidity ratio measure? measures the value of investments of a company measures the ability of a company to meet its current obligations measures operating efficiency of a company measures the financial leverage of a company 40 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the following information to answer this question. Club building 400,000 Subscription prepaid 3,000 Sport kits 150,000 Bar creditors 85,000 Subscription owing 32,000 What is the club’s total liabilities N85, 000 N11, 700 N88, 000 N26, 700 NameEmail Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback You may also like: financial accounting