JAMB Accounting Past Question and Answer Leave a Comment / Financial Accounting, JAMB / By Samuel Emeka Okeke / Accounting, Financial Accounting, JAMB 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 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 debtors accounts and recovered account debit bad debts accounts and credit bad debt recovered account 2 / 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? 3 : 2 5 : 6 2 : 3 6 : 5 3 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is not a proper form of the accounting equation fixed asset + current asset – capital = liabilities fixed assets + current assets - liabilities = capital fixed assets – liabilities + current assets = capital fixed assests + current assests + liabilities = capital 4 / 40 Category: JAMB ACCOUNT PAST QUESTION An entry in a subsidiary book which does not form part of the double entry system is a contra entry journal entry memorandum entry single entry 5 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following accounts is debited when a delivery van is sold for cash? sales account profit and loss accounts cash account delivery van account 6 / 40 Category: JAMB ACCOUNT PAST QUESTION The document setting out the regulations regarding shares, meetings and internal organization of a company is known as company law memorandum of association articles of association prospectus 7 / 40 Category: JAMB ACCOUNT PAST QUESTION Preliminary expenses is an example of fictitious assets tangible assets wasting assets liquid assets 8 / 40 Category: JAMB ACCOUNT PAST QUESTION The following account are prepared when goods are sent to branch except Branch adjustment account Branch debtors account Branch stock Goods set to branch account 9 / 40 Category: JAMB ACCOUNT PAST QUESTION An expenses is said to be revenue in nature if it necessitates the introduction of additional capital adds to or improves the value of fixed assets reduces the capital of the business adds or contributes to the operating income of the business 10 / 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 commission error of original entry compensating error 11 / 40 Category: JAMB ACCOUNT PAST QUESTION In a bank reconciliation statement, Dishonoured cheques is added to statement of account unpresented cheques aggregate balanace as per cash book uncredited cheques 12 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is a debit entry in debtors control account? discount allowed credit sales cash from debtors return inwards 13 / 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 N17,000 N13,000 N16,000 N14,000 14 / 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? N2, 800 N1, 000 N3, 000 N2, 500 15 / 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 expensed in the year of purchase charged to federation account depreciated on straight line method depreciated on reducing balance method 16 / 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 business entity periodicity going concern 17 / 40 Category: JAMB ACCOUNT PAST QUESTION Use the information below to answer this question.Buhari and Osinbajo are in partnership with the following partnership agreementBuhari OsinbajoCapital 40, 000 70, 000Salary 10, 000 15, 000Interest on capital 5% 5%Profit/loss sharing ratio 40 60The net profit for the year ended is N80,000."Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"What is Osinbajo share of profit? N48, 000 N49, 500 N19, 800 N29, 700 18 / 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 19 / 40 Category: JAMB ACCOUNT PAST QUESTION To realize an asset means to turn it to cash open its account in the ledger give it out as a collateral mortgage it 20 / 40 Category: JAMB ACCOUNT PAST QUESTION Goods stolen at the branch is debited to branch stock account branch debtors account defalcations account branch adjustment account 21 / 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 profit and loss account a trading account 22 / 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 N2 N0.80 N0.60 23 / 40 Category: JAMB ACCOUNT PAST QUESTION If the partnership agreement does not specify how net profit is to be divided, the profit should be divided in proportion of weighted average of capital in accordance with an established in proportion of current account balances equally 24 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is shown in the profit and loss appropriation account of a company directors emoluments depreciation dividends interest charges 25 / 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 future cash flows of the company potential merger candidates for the company 26 / 40 Category: JAMB ACCOUNT PAST QUESTION If rent account is debited instead of rate account, the error committed is that of; original entry commission principle omission 27 / 40 Category: JAMB ACCOUNT PAST QUESTION Keeping records under single entry system has the advantage of Accuracy in terms of operation Quality in terms of records Simplicity in terms of operation Completeness in terms of records 28 / 40 Category: JAMB ACCOUNT PAST QUESTION An advantage of using accounting ratios is that show errors and frauds can be easily calculated are stipulated by law facilitate decision making 29 / 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 ------------------------------ amortization depreciation provisions appreciation 30 / 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 N1.05 N1.183 N1.025 N1.00 31 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following is not a feature of accounting information? timeliness affordability accuracy completeness 32 / 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 cash account and credit goodwill account goodwill account and credit purchase of business account goodwill account and credit cash account purchase of business account and credit cash account 33 / 40 Category: JAMB ACCOUNT PAST QUESTION Which of the following cannot be realized? creditors motor vehicles goodwill debtors 34 / 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 N402, 000 N605, 000 35 / 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 policies cost accounting financial accounting accounting conventions 36 / 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 N51,000 N50,000 N52,000 37 / 40 Category: JAMB ACCOUNT PAST QUESTION Capital reserves includes the following except revaluation surplus pre-incoporation profit general reserves share premium 38 / 40 Category: JAMB ACCOUNT PAST QUESTION The ledger entries to be made if cash sales is banked is debit bank, credit cash cash, credit sales sales, credit cash bank, credit sales 39 / 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 40 / 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, 300 N8, 45 N2, 450 N1, 605 NameEmail Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback You may also like: financial accounting