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JAMB Accounting Past Question and Answer PRO

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JAMB ACCOUNT PAST QUESTION

JAMB Accounting Past Question and Answer 1

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

Accounting information is used by investors and creditors of a company to predict

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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

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

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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In a bank reconciliation statement, Dishonoured cheques is added to

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Category: JAMB ACCOUNT PAST QUESTION

Preliminary expenses is an example of

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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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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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The process of cost apportionment is carried out so that

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Category: JAMB ACCOUNT PAST QUESTION

The purpose of a trading account is to ascertain

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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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The major distinguishing element between the final account of a partnership and that of a sole trader is the

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Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

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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

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

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Keeping records under single entry system has the advantage of

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Capital reserves includes the following except

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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

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 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 ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

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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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What is the ledger entry for sale of generator on credit to Patrick?

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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

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?

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Category: JAMB ACCOUNT PAST QUESTION

When shares are sold at more than the per value, they are said to have been issued at

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Category: JAMB ACCOUNT PAST QUESTION

The following account are prepared when goods are sent to branch except

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Category: JAMB ACCOUNT PAST QUESTION

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

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Category: JAMB ACCOUNT PAST QUESTION

To realize an asset means to

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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

Which of the following is not a feature of accounting information?

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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?

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Which of the following is shown in the profit and loss appropriation account of a company

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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

Which of the following is a debit entry in debtors control account?

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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 basis of accounting for public sector is

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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

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

The following accounting entries are made when
bad debt is recovered

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