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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

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

Which of the following cannot be realized?

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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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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 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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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

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

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

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Goods stolen at the branch is debited 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

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

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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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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

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

Sales ledger control account contains the total amount in respect of

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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

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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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

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

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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

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 income and expenditure account of a club is the same as

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Category: JAMB ACCOUNT PAST QUESTION

In a bank reconciliation statement, Dishonoured cheques is added to

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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 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

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

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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

An advantage of using accounting ratios is that

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Capital reserves includes the following except

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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

To realize an asset means to

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An expenses is said to be revenue in nature if it

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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

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

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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

Keeping records under single entry system has the advantage of

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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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Preliminary expenses is an example of

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