Joint Admission and Matriculation Board Questions and Answers on Financial Accounting, JAMB Accounting, 40 Potential JAMB Accounting Questions and Answers | In this examination guide, I will provide free examples of past JAMB Economics repeated random questions. You will comprehend how JAMB Accounting inquiries are structured in addition to numerous other examination details.
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JAMB Accounting Questions and Answers (Expo)
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
A. Creditor
B. Cashier
C. Auditor General
D. Bursar
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
B. documented
C. lost
D received
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
A. loss
B. profit
C. income
D. expenditure
ANSWER: B (Profitability)
5. Subscription owned by members of a club is a/an
A. liability
B. property
C. Asset
D. club ownership
ANSWER: C (Asset)
6. The subscription paid in advance is treated in the balance sheet of a club as
A. liability
B. cost
C. asset
D. expenditure
ANSWER: A (liability)
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7. The movement of goods from head office to branch is treated in the head office accounts as
A. sales
B. income
C. goods transfer
D. goods migration
ANSWER: A (Sales)
18. Which of the following is a common cause of the discrepancy between head office and branch trial balance
A. creditor in transit
B. debtor and cash in transit
C. cash in transit
D. cash movement
ANSWER: B (Debtors and cash in transit)
9. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
A. FiFQ
B. FFO
C. FIFE
D. FIFO
ANSWER: D (FIFO)
10. The transactions relating to liquidation in partnership account is drawn by using
A. credit account
B. debit account
C. cash account
D. property account
ANSWER: A (cash account)
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11. The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts?
A. are not important in cashbooks.
B. are cash items only.
C. do not form part of double entry.
D. are used for bank reconciliation.
12. When is a petty cash account debited?
A. When the fund is established and every time money is spent.
B. When the fund is established and every time it is replenished.
C. When the fund is established and when the size of the float is decreased.
D. Every time money is drawn from the petty cash.
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13. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
A. Bank charges.
B. Uncleared cheques.
C. Returned cheques.
D. unpresented cheques.
14. The financial position of an organization at a particular time can be ascertained from the?
A. statement of sources and application of funds
B. statement of retained earnings
C. balance sheet
D. profit and loss account
Given;
| Items | Price (Naira) |
| Purchases | 20,000 |
| Sales | 40,000 |
| Carriage inwards | 5,000 |
| Carriage outwards | 5,000 |
| Opening stock | 10,000 |
| Closing stock | 5,000 |
15. What is the cost of goods sold?
A. N30,000
B. N25,000
C. N20,000
D. N15,000
16. The net profit or loss for the year is determined in profit and loss account after?
A. deducting purchases from sales
B. deducting cost of goods sold from sales and adding administrative expenses
C. adding commissions received to gross profit
D. eliminating all expenses from gross profit and adding any other income
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17. If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
A. income in the profit and loss account
B. income in the balance sheet
C. additional cash in the profit and loss account
D. expense in the balance sheet
18. Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
A. N23,000
B. N29,000
C. N36,000
D. N43,000
19. From which of the following sources are creditors control account most likely to be posted?
A. supplier’s invoices
B. cash disbursements journal
C. subsidiary debtors ledger
D. purchases journal
20 Which of the following categories of labour cost will be classified as direct?
A. accountant’s salary
B. factory workers’ salary
C. managing director’s salary
D. cashier’s salary
Typically, a branch’s profit is attributed to the
Account for branch office supplies
Departmental accounts are kept in order to determine the
Contribution made by each sector
Membership in a professional partnership must be between
Answer: 2 and 10
Profit or loss in a partnership is typically determined by subtracting all expenses from gross profit.
Answer: Loan interest payments
The debenture issued at par above the nominal value is referred to as being issued at a premium.
Answer: Premium
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The most important function of control accounts is to:
Localise accounting errors in ledgers
When a bill is negotiated at a bank, it is referred to as being
Answer: Discounted
Credit transactions were charged to Akpana rather than B. Akpan. This is a mistake by
Response: Commission
The primary purpose of a financial report is to provide information about…
Answer: An entity’s management
The objective of using sales ledger balance to offset purchases ledger balance is to
Answer: Commence
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11. The officer accountable for ensuring that all public expenditures and appropriations comply with approved guidelines is the
Answer: Auditor General
The cash basis of accounting necessitates revenue to be recognised only when it is earned.
Answer: Received
Responsibility accounting is concerned in particular with
Answer: expense management
14. Earnings per share is a measure of a company’s profitability.
Response: Profitability
15. A subscription owned by club members is a/an
Answer: Asset
In a club’s balance sheet, the subscription paid in advance is recorded as a current asset.
Answer: An obligation
In the main office’s accounts, the movement of goods from headquarters to branches is recorded as a transfer of inventory.
Answer: Sales
18. Which of the following is most frequently responsible for discrepancies between head office and branch trial balances?
Debts and currency in transit
Which stock valuation method would a vegetable vendor use to determine the value of its product?
Answer: FIFO
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The partnership account is used to record transactions associated with the liquidation of a business.
Response: currency account
Deferred charges are also referred to as
The answer is accrued expenses.
Always, factory salaries are deposited into which account?
Account for manufacturing
One of the motivations for the public sector’s existence is to
Provide affordable services to all citizens
The precise entry to reflect the receipt of cash sent from a branch to the headquarters is
Cash is debited and the branch current account is credited.
25. Work-in-progress represents the worth of
Answer: semi-finished products
The Act establishing the Institute of Chartered Accountants of Nigeria (ICAN) went into effect on June 26.
Answer: 1st September, 1965
Gross profit on manufactured products is the difference between the cost of manufactured goods and the selling price.
Market value of the products produced
A successful accounting system must provide information
Regarding internal and external reporting for managers and outside stakeholders.
A 60-dollar common share was issued for $75. The stock was issued when
Answer: Premium
Initial expenses of a limited liability company include:
Answer: Imaginary assets
31. In the balance sheet of a club, the subscription paid in advance is regarded as a current asset.
Answer: An obligation
In the dissolution of a partnership, the net book value of the assets is transmitted to the remaining partners.
Account for debit realisation
The Senior accounting officer of a municipality is the
Response: Chairman
The founders of a business are 34.
Answer: advertisers
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A component of manufacturing administrative costs is
Answer: Rent
36. The price paid by a company that acquires another is the
The answer is purchase price
Within thirty days of receiving the financial statement, the Auditor General of the Federation is required to submit a report to the National Assembly.
Answer: 30 days
The quantity of money allocated by a government agency for a specific purpose is the expenditure budget.
Answer: fund
39. Investors are interested in accounting data to ascertain a company’s financial health.
Profitability ratio is the correct answer.
Calculating working capital is as follows:
Current assets minus current liabilities equals current net worth.
If you have any questions on JAMB Financial Accounting questions and Answers, kindly drop your question in the comment box and we shall attend to you as soon as possible.
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Samples JAMB Financial Accounting 2023 Objectives Questions and answers
Principles of Accounts Questions and answers for JAMB UTME and how to answer questions successfully:
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The questions for the accounting Exams will only be 40. Try and answer the questions correctly and adhere to the Exams instructions.
Likely Principles of Accounts Expo/Runs tips for JAMB UTME 2023
The Answer to JAMB UTME Accounting objectives Questions are and likely expo/runs tips are as follows:
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How to Answer JAMB Questions on Accounting Principles in 2023
The following are extremely helpful when undertaking JAMB UTME questions:
- Effectively log in to your computer without squandering time
- When necessary, call the attention of the invigilators.
- Examine and record the time allocated to a specific topic.
- Please peruse the on-screen instructions with care.
- Read and answer the pertinent questions
- Please read the queries at least three times before selecting an answer.
- Control the time we’ll Do not avoid any query.
- Everyone completes and submits their work within three minutes of the allotted time.
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