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Jamb Accounting Exam Questions and Answers For All Jamb Candidates
1. A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000
The yearly depreciation using the straight-line method would be
A #8,800
B #6,500
C #5,200
D #4,400
Correct Answer: C
2. A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is present at #15,000 what will be the yearly depreciation using the straight-line method?
A #4,000
B #7,000
C #11,000
D #24,000
Correct Answer: A
3. The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
A sales account and credit bank account
B purchases and credit bank account
C cash and credit freehold
D bank and credit freehold
Correct Answer: B
4. Sales – #232,000
Opening stock – # 28,000
Purchases – #128,000
Carriage inwards – # 4,000
Carriage outwards – # 6,000
Closing stock – # 10,000
Discount received – # 18,000
Expenses – # 20,000
Calculate the gross profit
A #100,000
B #86,000
C #82,000
D #76,000
Correct Answer: C
5. Sales – #232,000
Opening stock – # 28,000
Purchases – #128,000
Carriage inwards – # 4,000
Carriage outwards – # 6,000
Closing stock – # 10,000
Discount received – # 18,000
Expenses – # 20,000
Calculate the expenses debited to the profit and loss account
A #17,000
B #23,000
C #26,000
D #30,000
Correct Answer: C
6 Given:
Opening capital – #1,500
Capital introduced – # 500
Profit for the year – # 800
Cash drawings – # 250
Calculate the closing capital
A #2,550
B #2,500
C #2,350
D #2,250
Correct Answer: A
7. What type of stock valuation would a vegetable seller adopt in valuing its product?
A LIFO
B FIFO
C Simple average
D Weighted average
Correct Answer: B
8. The total cash and cheques received from customers in a control account is derived from the
A purchases day book
B cash book
C income and expenditure account
D sales journal
Correct Answer: B
9 1/1/2010 31/12/2010
Creditors – #9,000 #9,800
Rent owing – #3,800 #2,500
Rates prepaid – #2,000 #3,500
Motor van – #8,000 #8,000
Premises – #10,000 #10,500
Find the opening capital
A #5,700
B #7,700
C #9,800
D #14,900
Correct Answer: B
10 1/1/2010 31/12/2010
Creditors – #9,000 #9,800
Rent owing – #3,800 #2,500
Rates prepaid – #2,000 #3,500
Motor van – #8,000 #8,000
Premises – #10,000 #10,500
Calculate the closing capital
A #8,700
B #9,500
C #9,700
D #10,700
Correct Answer: C
11. I.Direct materials
11. Direct labour
111.Direct expenses
1V. Factory expenses
Prime cost consists of
A 1,11 and 111
B 1,11 and 1V
C 1,111 and 1V
D 11,111 and 1V
Correct Answer: A
12. The amount paid by a new partner on admission as compensation for the reputation built up by old partners is a
A bonus
B commission
C premium
D goodwill
Correct Answer: D
13. A partnership’s internal regulations are set out by
A a deed
B a law
C a constitution
D an article
Correct Answer: A
14. In a partnership account, interest on drawings is
A debited to appropriation account
B credited to appropiation account
C treated as an expense in profit and loss account
D recorded in the balance sheet as current assets
Correct Answer: B
15. When a share valued at 50k is issued at #1.59, it is said to be issued at
A par
B premium
C discount
D interest
Correct Answer: B
16. The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
A net income
B revenue reserve
C capital reserve
D net loss
Correct Answer: C
17. When shares are issued at a discount, entries are to debit
A application allotment account and credit discount accoun
B discount account and credit
C cash account and credit discount account
D discount account and credit bank account
Correct Answer: A
18. When there is no basis of apportionment in an organization, the expenses should be apportioned based on
A sales
B purchases
C equality
D floor space
Correct Answer: C
19. Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is
A #23,500
B #60,500
C #60,700
D #82,500
Correct Answer: B
20. Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
What is he net profit of Y?
A #52,000
B #68,300
C #68,800
D #69,700
Correct Answer: D
21. The objective of the departmental account is to
A ascertain the cost of running the organization
B ascertain the amount of profit or loss for each department
C ascertain the number of profits for losses for the enterprises
D offset the loss of each treatment
Correct Answer: B
22. Which of the following is the capital reserve of a company
A Share premium
B Retained profit
C Accumulated depreciation
D Loss on forfeited shares
Correct Answer: A
23. Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
24. How much is to be paid for the application?
A #230,000
B #280,000
C #500,000
D #550,000
Correct Answer: A
25. The issued share capital is the number of shares that are
An authorized by shareholders
B shared among the directors
C fully subscribed
D in the share certificate
Correct Answer: A
26. The distributable profit available to shareholders at the end of each year is the
A total profit and debtors balance
B general reserve and retained profit
C retained profit and fictitious assets
D total profit fewer creditors balance
Correct Answer: D
27. The debenture issued at par above the nominal value is said to be issued at a
A cost price
B mark-up
C premium
D margin
Correct Answer: C
28. Accountant-general of the federation is responsible for
General supervision of all auditing personnel in all the ministries
B the compilation of annual financial statement
C the interpretation of rules and regulations affecting the private sectors
D ensuring the efficient operation of the ministries
29. Given:
Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000
Calculate the liabilities of the local government
A #10,994,500
B #17,394,500
C #18,774,500
D #18,874,500
Correct Answer: B
30. An instrument that allows public officers to increase expenditure within a year is
A statutory allocation
B supplementary budget
C virement
D warrant
Correct Answer: A
31. Accounting information seeks to provide
A permanent records for all transactions
B analysis of accounts to trade debtors
C audited reports on the accounts of a company
D data about the employees of a company
Correct Answer: A
32. When the debit side total of an account, t means that the account has
A been overdrawn
B been understand
C debit balance
D credit balance
Correct Answer: C
33.July 1 – Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be
A debit capital and credit cash
B credit cash and debit bank
C debit cash and credit capital
D debit purchases and credit cash
Correct Answer: C
34. July 1 – Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 31 would be
A debit Agromachinex and credit cash
B debit equipment and credit Agromachinex
C credit capital and debit cash
D credit cash and debit purchases
Correct Answer: A
35. The total credit sales for a period can be extracted from the
A cash book
B sales day book
C petty cash book
D returns inwards
Correct Answer: B
36. The major source document which enables an employer to calculate employee wages is the
A nominal roll of employees
B record of the number of hours worked
C effort of the employee
D record of the number of dependants per employee
Correct Answer: B
37. Which of the following items is a capital expenditure?
A. Maintenance of the office machine
B Purchase of office stationery
C Carriage inwards
D Purchase of office machinery
Correct Answer: D
38. The corresponding entry of personal accounts found on the debit side of the cash is to
A credit real accounts
B debit real accounts
C credit the ledger
D debit the ledger
Correct Answer: C
39. Alaka who owed Saka #15,000, settled his debt after deducting a cash discount of 10 percent. To record the discount in the book of Saka, debit
A discount was received account and credited to Alaska’s account
B Alaska’s account and credit discount received account
C Saka’s account and credit discount received account
D discount allowed account and credit Alaska’s account
Correct Answer: D
40
1. The amount of the imprest is the same from one organization to another
11. At the end of a fixed period, the petty cashier received a fixed sum of money.
111. At the end of a period, the petty cashier is reimbursed for the amount spent in that period.
1V. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
A 1, 11 and 111
B 1, 111 and 1V
C 11 and 1V
D 111 and 1V
Correct Answer: C
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