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JAMB 2022 Exam Questions for Accounting and Economics for day 1 and day 2 are what is available here.
Candidates who took the Jamb exam day 2 as of when Jamb began provided some questions they come across during the Jamb exam day 2 all the questions to JAMB Exam Day 2 on Financial Accounting, Economics, Mathematics, Biology, Physics, and Chemistry questions for 2022 Jamb Exam Day 1 and day 2 are released here and you check them here in this article.
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Jamb Day 1 and Day 2 Financial Accounting and Economics Questions, all the questions to JAMB Exam Day 2 questions are all released here.
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Jamb Day 1 and Day 2 Financial Accounting Questions For 2022
Benefits enjoyed for which payments have not been made are?
A)accruals
B)prepayments
C)acquisitions
D)provisions
If an organization maintains a periodic stock system, the stock quantities are?
A)updated at the end of the accounting year
B)not considered inthe updating process
C)updated continuously
D)updated at the beginning of the accounting year
If a company values its stock in a period of rising prices using LIFO method, there is a tendency for it to?
A)have a higher cost of goods sold
B)have a higher gross profit
C)pay higher gross profit
D)have a higher value for closing stock
Use the information below to answer questions
……………………….31/12/07…….31/12/08
Stocks……………………₦4 200………₦3 900
Rates in advance…………..₦1 000………₦1 500
Accrued wages……………..₦1 150………₦1 350
Cost of goods sold was valued at ₦6 000.
Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.
What is the value of purchases for the year 2008?
A)₦6 000
B)₦9 900
C)₦14 100
D)₦5 700
Determine the total expenses to be charged to the profit and loss account?
A)₦2 350
B)₦1 600
C)₦800
D)₦3 150
E)NO OPTION
Use the information below to answer questions
……………………31/12/08………..31/12/09
Furniture and fittings..₦21 000,…………₦28 000
Office equipment……..₦9 800,………….₦13 200
Debtors……………..₦6 800,………….₦5 200
Creditors……………₦4 900,………….₦5 100
Cash at bank…………₦7 000,………….₦4 600
Accrued electricity bills……………….₦1 200
Monthly drawings average ₦330.
Find the opening capital?
A)₦39 700
B)₦35 900
C)₦35 740
D)₦43 660
Determine the net profit?
A)₦5 000
B)₦3 960
C)₦1 040
D)₦8 960
The gross loss on manufacturing is always transferred to the?
A)credit side of balance sheet
B)debit side of profit and loss account
C)credit side of profit and loss account
D)debit side of balance sheet
The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?
A)debit side of manufacturing and profit and loss account
B)debit side of profit and loss account only
C)credit side of profit and loss account only
D)debit side of manufacturing and balance sheet
The prime cost is the total of the?
A)production cost + selling expenses
B)direct material + direct labour + direct expenses
C)direct material + work overhead expenses
D)administrative expenses + selling + distribution expenses
The equivalent of a club’s receipts and payment account is the?
A)trading account
B)revenue account
C)cash account
D)suspense account
The summary of receipts and payments account represents?
A)cash at hand
B)journal proper
C)general journal
D)ledger accounts
Akachala Limited has four departments W, X Y and Z. The profits or loss of the departments were ₦20 000 loss, X ₦25 profit, Y were ₦30 000 loss and Z ₦1800 profit. How much is the net profit or loss of the company?
A)₦7 000 loss
B)₦5 000 loss
C)₦5 000 profit
D)₦7 000 profit
If goods were returned to the branch by the customers, the correct posting for this transaction is to debit?
A)branch debtor’s account and credit head office account
B)head office account and credit branch stock account
C)branch stock account and credit branch debtors’ account
D)branch cash account and credit branch stock account
The branch expenses paid by the head office are recorded in the books by debiting branch?
A)bad debt account and crediting branch debtor’s account
B)expenses account and crediting a bank account
C)profit and loss account and crediting branch stock account
D)discount allowed account and crediting branch debtors’ account
Goods returned to branch by customers is recorded in the head office books be debiting?
A)bank account and crediting branch stock account
B)goods sent to branch account and crediting branch debtors”account
C)branch stock account and crediting branch debtors account
D)branch debtors’ and credting cash acount
Which of the following is mostly used in treating partners’ current earnings?
A)Savings account
B)Current account
C)Capital account
D)Share capital account
The salary of a partner is usually debited to the?
A)sundry debtors’ account
B)appropriation account
C)profit and loss account
D)suncry current account
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?
A)memorandum
B)bye-law
C)deed
D)financial regulation
The interest on partners’ loans is?
A)debited in a current account
B)credited in profit and loss account
C)debited in profit and loss account
D)credited in the current account
The capital contribution by the partners is treated in the?
A)current account
B)capital account
C)trading account
D)balance sheet
Given:₦6 000 10% preference shares of ₦0.50 each
₦6 000 ordinary shares of ₦1 each
Capital reserves ₦2 700 000
Long-term liabilities ₦4 000 000Find the value of authorized share capital?
A)13 000 000
B)12 000 000
C)9 000 000
D)15 700 000
The directors’ salaries paid are items off?
A)current liabilities
B)profit and loss account
C)trading account
D)current account
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.
A provision of 2% was made for discounts and a 5% provision for bad and doubtful debts. Find the amount for sundry debtors after provision?
A)₦760,000
B)₦744,800
C)₦744,000
D)₦784,000
The financial plan of the government for a year is contained in the?
A)budget
B)cash analysis book
C)vote book
D)gazette
An ordinary share of ₦80 was issued at ₦96. The share was issued at?
A)premium
B)par
C)discount
D)loss
An increase in government expenditure within a year is taken care of by means of?
Options
A)financial regulations
B)virement
C)warrant
D)supplementary estimate
Use the information below to answer questions 16 and 17. Sundry debtor………………₦20,000
Provision for bad debts……..₦500Provision for the bad debt at 4% of sundry debtors. Determine the provision for bad debts to the profit and loss account?
A)₦500
B)₦820
C)₦1300
D)₦300
Calculate the provision to be taken to the balance sheet?
A)₦780
B)₦800
C)₦1200
D)₦200
Which of the following is incorrect? The amounts are arranged in the following order: Assets; Liabilities; Capital
A)₦7850; ₦1250; ₦6600
B)₦8200; ₦2800; ₦5400
C)₦9550; ₦1150; ₦8200
D)₦6540; ₦1120; ₦5420
Departmentalization of accounts is useful because it shows the____________
Options
A) Overall performance of a division
B) Cost per unit of a profit
C) Price per unit of a product
D) Overall performance of a firm
Why should a new partner contribute towards goodwill on his admission?
Options
A) It is a norm
B) to ensure new partners also have a stake in the business
C) the firm into which he is entering already has some goodwill in the market
D) to purchase the business
The rent expense for Trendy store is ₦3500. The trendy store has three departments; jewelry, hairdressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to the clothing department?
A) ₦700
B) ₦1050
C) ₦1750
D) ₦3500
The cost of rent as an expense can be apportioned to all departments on the basis of:
A) No employees
B) stock value
C) space occupied
D) wages
Which of the following does a conversion cost?
A) Factory overhead
B) purchases
C) material cost
D) wages
Tea and Cup are in a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and the current balance is ₦50000. He withdrew the following amounts during the year: 3000 on 31st January 2000 on 31st March, 4000 on 1st July 1500 on the 30th September 2500 on 1st November. Cup’s capital is ₦100000 and the current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account?
Options
A) 36,925Cr
B) 40,000Cr
C) 50,000Dr
D) 36,295Dr
To account for expenses paid by head office on behalf of the branch, the branch should___________
A) Debit profit and loss account and credit head office account
B) Debit head office account and credit cash
C) Credit cash and debit profit and loss account
D) Credit profit and loss account and debit head office account
Use the information below to answer the question.
Calculate the balance in the bank statement.
₦
Balance as per cashbook
13560
UnRepresented cheques
5120
Dividend received
2000
Uncredited cheque
2300
Bank charges
280
Standing order
600
Balance as per bank statement
A) ₦10,740
B) ₦11,860
C) ₦16,380
D) ₦17,500
Which of the following is not an inventory costing method?
A) FIFO
B) LIFO
C) Average cost method
D) LILA
The major source of documents that enables employers to calculate the employee wages is the?
A) nominal roll of employees
B) records of the number of hours worked
C) effort of the employee
D) Record of independence per employee
Jamb Day 1 and Day 2 Economics Questions For 2022
From the diagram, determine the profit-maximizing output
A)600
B)800
C)900
D)1000
Given that the prices and quantities supplied in liters of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is the price. Determine the quantity supplied when the price per liter is N30
A)50litres
B)32.5litres
C)30litres
D)35litres
What would encourage the growth of the international division of labor?
A)Improvement in the transport system
B)Instability in the international exchange rate
C)Restrictions on the movement of resources
D)increase in tariff
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p – 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
A)N4
B)N8
C)N2
D)N10
The practice of selling goods overseas and often below the cost of production is known as
A)retailing
B)dumping
C)internal trade
D)advertising
In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced
A)N75.00
B)N100
C)N175.00
D)N125.00
The theory of comparative cost advantage is associated with
A)Adam Smith
B)Reverend Thomas Malthus
C)Professor trum fisher
D)David Ricardo
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. The utility can be maximized when
A)MUX = MUA
B)MUX = PX
C)PX = X
D)PX = PY
Which of the following could be used to measure the efficiency of labor?
A)rate of inflation
B)input-output ratio
C)buying more machines
D)unemployment rate
How can a firm benefit from external economies?
A)increasing its expenditure on advertising
B)Increasing the workforce
C)Locating in an area in which the industry is already established
D)Merging with another domestic firm engaged in the same industry
A smaller industry that grows to cater to the need of the major industry is
A)subsidiary industry
B)constructive industry
C)manufacturing industry
D)infant industry
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
A)There has been an increase in the consumer’s money income
B)There has been a reduction in the price of both A and B
C)There has been no change in the price of A or B
D)There has been no change in the price of A relative to the price of B
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
A)surplus budget
B)deficit budget
C)balanced budget
D)minus budget
The total stock of money available for use in an economy is
Options
A)supply of money
B)value of money
C)demand for money
D)attribute of money
What do the accelerator principles state?
A)Consumption is a function of the rate of change in income
B)income is a function of the rate of change in investment
C)Investment is a function of the rate of change in income
D)Investment is a function of the rate of interest
A major limiting factor of mass production is
A)efficient management
B)adequate labor supply
C)small size of the market
D)adequate supply of raw materials
When elasticity is zero, the demand curve is
A)perfectly elastic
B)perfectly inelastic
C)downward sloping
D)upward sloping
The term trade can be expressed as
A)(Price index of export ÷ Price index of export)× 100
B)(price index of import ÷ price index of export) × 100
C)(Price index of export ÷ Price index of import)× 100
D)(Price index of export ÷ Price index of import)× 100
The income of individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
A)2
B)0.4
C)1
D)0.5
The study of broad economic aggregates is
A)Macroeconomics
B)deductive method of economic analysis
C)microeconomics
D)Inductive method of economics analysis
Disposable income is total income
A)less tax
B)divided by tax
C)plus tax
D)multiplied by tax
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
A)socialist system
B)mixed system
C)capitalist system
D)traditional system
Isocost and isoquant can be attributed to
A)Theory of consumer behaviour
B)Theory of cost
C)Theory of production
D)Theory of value
The line Y in the diagram represent
Options
A)total cost
B)variable cost
C)fixed cost
D)marginal cost
The curve labeled II illustrates a system of taxation
The curve labeled III illustrate a system of taxation
A)proportional tax
B)regressive tax
C)value added
D)progressive tax
The curve labeled III illustrate a system of taxation
A)regressive tax
B)progressive tax
C)value added tax
D)proportional tax
What would be likely to increase inflation in any economy?
Options
A)Increase in demand
B)Reduce public spending
C)Control excessive import
D)Increase in direct tax
All the following are types of specialization except
A)Manager Specialization
B)Product specialization
C)Specialization by sex
D)Geographical specialization
A market will be at equilibrium when
A)demand and supply are equal
B)demand is greater than supply
C)price is higher
D)supply is greater than demand
Which of the following will shift the demand curve for Bournvita to the right
A)a rise in the price of Bournvita
B)an increase in income
C)a tax on cocoa producer
D)a fall in the price of Bournvita
Note that:
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