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JAMB Accounting Past Question and Answer

JAMB Accounting Past Question and Answer PRO

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JAMB ACCOUNT PAST QUESTION

JAMB

JAMB ACCOUNT PAST QUESTION PRO

Practice JAMB Accounting Past Questions and Answers and pass your examination.

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Category: JAMB ACCOUNT PAST QUESTION

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

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Category: JAMB ACCOUNT PAST QUESTION

Use the information below to answer this question.

Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The 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?

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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.

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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

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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

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Category: JAMB ACCOUNT PAST QUESTION

Preliminary expenses is an example of

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Category: JAMB ACCOUNT PAST QUESTION

An advantage of using accounting ratios is that

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Category: JAMB ACCOUNT PAST QUESTION

Which of the following is not a proper form of the accounting equation

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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

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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 issue
What is the nominal value of each share

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Category: JAMB ACCOUNT PAST QUESTION

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

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Category: JAMB ACCOUNT PAST QUESTION

The loss made by a non profit making organization is called

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Category: JAMB ACCOUNT PAST QUESTION

If rent account is debited instead of rate account, the error committed is that of;

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Category: JAMB ACCOUNT PAST QUESTION

When the invoice of a customer is overcast, the supplier will send to him a

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Category: JAMB ACCOUNT PAST QUESTION

If a trail balance is in agreement, one of the statement is untrue

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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 ---------------------

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Category: JAMB ACCOUNT PAST QUESTION

To realize an asset means to

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Category: JAMB ACCOUNT PAST QUESTION

If sales return is understated, it implies that ------------------------------ is overstated

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Category: JAMB ACCOUNT PAST QUESTION

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

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Category: JAMB ACCOUNT PAST QUESTION

Sales ledger control account contains the total amount in respect of

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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

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Category: JAMB ACCOUNT PAST QUESTION

Which of the following accounts is debited when a delivery van is sold for cash?

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Category: JAMB ACCOUNT PAST QUESTION

An expenses is said to be revenue in nature if it

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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

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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

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Category: JAMB ACCOUNT PAST QUESTION

The process of cost apportionment is carried out so that

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Category: JAMB ACCOUNT PAST QUESTION

The basis of accounting for public sector is

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Category: JAMB ACCOUNT PAST QUESTION

The ledger entries to be made if cash sales is banked is debit

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Category: JAMB ACCOUNT PAST QUESTION

Keeping records under single entry system has the advantage of

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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

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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?

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Category: JAMB ACCOUNT PAST QUESTION

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

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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?

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Category: JAMB ACCOUNT PAST QUESTION

Capital reserves includes the following except

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Category: JAMB ACCOUNT PAST QUESTION

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

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Category: JAMB ACCOUNT PAST QUESTION

The following accounting entries are made when
bad debt is recovered

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Category: JAMB ACCOUNT PAST QUESTION

An entry in a subsidiary book which does not form part of the double entry system is a

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Category: JAMB ACCOUNT PAST QUESTION

Use the information below to answer this question
Segun 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

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Category: JAMB ACCOUNT PAST QUESTION

The income and expenditure account of a club is the same as

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Category: JAMB ACCOUNT PAST QUESTION

Income and expenditure account is more detailed than receipts and payments account because it disclosed

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