JAMB Accounting Past Question and AnswerFinancial Accounting Lesson Notes For SS1 - SS3 All Classes, JAMB/UTME Exam Past Questions & Answers / By Samuel Emeka Okeke 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 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? N699, 000 N641, 000 N605, 000 N402, 000 2 / 40 Category: JAMB ACCOUNT PAST QUESTION The major distinguishing element between the final account of a partnership and that of a sole trader is the Drawing A/C Creditor A/C Capital A/C Appropriation A/C 3 / 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 Going concern Business entity Materiality Accrual 4 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the following information to answer this question.Provision for bad debt 1500Additional information1. Bad debt written off amount to 30002. Debtors balance as at the end of the year is 28,0003. 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, 800 N1, 000 N2, 500 5 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following accounts is debited when a delivery van is sold for cash? delivery van account sales account profit and loss accounts cash account 6 / 40 Category: JAMB ACCOUNT PAST QUESTION The ledger entries to be made if cash sales is banked is debit cash, credit sales bank, credit cash bank, credit sales sales, credit cash 7 / 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? 2 : 3 5 : 6 3 : 2 6 : 5 8 / 40 Category: JAMB ACCOUNT PAST QUESTION The following accounting entries are made whenbad debt is recovered debit bad debts account and credit profit and loss account debit bad debts recovered account and credit bad debts account debit bad debts accounts and credit bad debt recovered account debit debtors accounts and recovered account 9 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this question.A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issueWhat is the nominal value of each share N0.50 N0.60 N0.80 N2 10 / 40 Category: JAMB ACCOUNT PAST QUESTION The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ---------------------------- analysis allocation conversion control 11 / 40 Category: JAMB ACCOUNT PAST QUESTION If sales return is understated, it implies that ------------------------------ is overstated return inward return outward sales figure cost of sales 12 / 40 Category: JAMB ACCOUNT PAST QUESTION Which method of pricing can be used satisfactorily in either rising or falling price situation? FIFO Average method Market price Standard price 13 / 40 Category: JAMB ACCOUNT PAST QUESTION An entry in a subsidiary book which does not form part of the double entry system is a journal entry single entry contra entry memorandum entry 14 / 40 Category: JAMB ACCOUNT PAST QUESTION What is the ledger entry for sale of generator on credit to Patrick? credit sales account and debit cash account credit sales account and debit Patrick’s account credit generator account and debit cash account credit generator account and debit Patrick’s account 15 / 40 Category: JAMB ACCOUNT PAST QUESTION The interest of a petty cashier is N2450Expenses N Printing 420 Cleaning 250 Stamp andpostage 175 How much was received to maintain theinterest at the end of the month? N1, 605 N1, 300 N2, 450 N8, 45 16 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this questionSegun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.Determine the closing capital 31/12/2014 17,500 20,700 38,200 27,200 17 / 40 Category: JAMB ACCOUNT PAST QUESTION The following account are prepared when goods are sent to branch except Branch debtors account Branch stock Branch adjustment account Goods set to branch account 18 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is a debit entry in debtors control account? return inwards cash from debtors credit sales discount allowed 19 / 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. N8050 N8950 N7050 N7950 20 / 40 Category: JAMB ACCOUNT PAST QUESTION When the invoice of a customer is overcast, the supplier will send to him a debit note credit note cheque payment voucher 21 / 40 Category: JAMB ACCOUNT PAST QUESTION In a bank reconciliation statement, Dishonoured cheques is added to uncredited cheques aggregate balanace as per cash book statement of account unpresented cheques 22 / 40 Category: JAMB ACCOUNT PAST QUESTION When shares are sold at more than the per value, they are said to have been issued at A discount A profit A premium Normal value 23 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is not a feature of accounting information? completeness accuracy affordability timeliness 24 / 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 640,000The double entry to record the goodwill in the books is debt goodwill account and credit cash account goodwill account and credit purchase of business account cash account and credit goodwill account purchase of business account and credit cash account 25 / 40 Category: JAMB ACCOUNT PAST QUESTION The basis of accounting for public sector is accrual basis cash basis revenue basis cost basis 26 / 40 Category: JAMB ACCOUNT PAST QUESTION Accounting information is used by investors and creditors of a company to predict future tax payments of the company future cash flows of the company appropriate remunerations for the company’s staff potential merger candidates for the company 27 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is shown in the profit and loss appropriation account of a company interest charges dividends directors emoluments depreciation 28 / 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 asset + current asset – capital = liabilities fixed assests + current assests + liabilities = capital fixed assets – liabilities + current assets = capital 29 / 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 N1.00Jan 8 received 260 units at N1.05Jan 20 issued 700units at .........Feb 3 received 400 units at N1.15What will be the issued price of 700 units, using simple average method N1.183 N1.05 N1.025 N1.00 30 / 40 Category: JAMB ACCOUNT PAST QUESTION What does liquidity ratio measure? measures operating efficiency of a company measures the value of investments of a company measures the ability of a company to meet its current obligations measures the financial leverage of a company 31 / 40 Category: JAMB ACCOUNT PAST QUESTION To realize an asset means to give it out as a collateral turn it to cash open its account in the ledger mortgage it 32 / 40 Category: JAMB ACCOUNT PAST QUESTION The process of cost apportionment is carried out so that variable costs may be controlled indirect costs may be controlled common costs are shared among cost centres cost units could gather overhead as they pass through cost centres 33 / 40 Category: JAMB ACCOUNT PAST QUESTION The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is dual aspect periodicity going concern business entity 34 / 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 N55,000 N52,000 N50,000 N51,000 35 / 40 Category: JAMB ACCOUNT PAST QUESTION Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days). 27 days 23 days 28 days 42 days 36 / 40 Category: JAMB ACCOUNT PAST QUESTION An advantage of using accounting ratios is that facilitate decision making show errors and frauds can be easily calculated are stipulated by law 37 / 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 reducing balance method charged to federation account depreciated on straight line method expensed in the year of purchase 38 / 40 Category: JAMB ACCOUNT PAST QUESTION Goods stolen at the branch is debited to branch debtors account defalcations account branch stock account branch adjustment account 39 / 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 location of business powers of directors objects and their alteration 40 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the following information to answer this question.Club building 400,000Subscription prepaid 3,000Sport kits 150,000Bar creditors 85,000Subscription owing 32,000What is the club’s total liabilities N11, 700 N85, 000 N26, 700 N88, 000 NameEmail Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback You may also like: financial accounting