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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

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

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

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

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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 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

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

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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

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

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Category: JAMB ACCOUNT PAST QUESTION

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

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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

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

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

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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

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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Category: JAMB ACCOUNT PAST QUESTION

Which method of pricing can be used satisfactorily in either rising or falling price situation?

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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

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

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

Keeping records under single entry system has the advantage of

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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 advantage of using accounting ratios is that

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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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Category: JAMB ACCOUNT PAST QUESTION

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

Preliminary expenses is an example of

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Category: JAMB ACCOUNT PAST QUESTION

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

Capital reserves includes the following except

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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

To realize an asset means to

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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

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

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

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 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

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

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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 following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

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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

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

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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 basis of accounting for public sector is

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JAMB Accounting Past Question and Answer 2

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