Joint Admission and Matriculation Board Questions and Answers on Financial Accounting, JAMB Accounting, Possible 40 JAMB questions and answers on Accounting | In this examination guide, I will be showing you past JAMB Economics random repeated questions for free. You will understand how JAMB Accounting questions are set and many other examination details.
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JAMB Accounting Questions and Answers
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
C. Auditor General
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
ANSWER: B (Profitability)
5. Subscription owned by members of a club is a/an
D. club ownership
ANSWER: C (Asset)
6. The subscription paid in advance is treated in the balance sheet of a club as
ANSWER: A (liability)
7. The movement of goods from head office to branch is treated in the head office accounts as
C. goods transfer
D. goods migration
ANSWER: A (Sales)
18. Which of the following is a common cause of the discrepancy between head office and branch trial balance
A. creditor in transit
B. debtor and cash in transit
C. cash in transit
D. cash movement
ANSWER: B (Debtors and cash in transit)
9. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
ANSWER: D (FIFO)
10. The transactions relating to liquidation in partnership account is drawn by using
A. credit account
B. debit account
C. cash account
D. property account
ANSWER: A (cash account)
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11. The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts?
A. are not important in cashbooks.
B. are cash items only.
C. do not form part of double entry.
D. are used for bank reconciliation.
12. When is a petty cash account debited?
A. When the fund is established and every time money is spent.
B. When the fund is established and every time it is replenished.
C. When the fund is established and when the size of the float is decreased.
D. Every time money is drawn from the petty cash.
13. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
A. Bank charges.
B. Uncleared cheques.
C. Returned cheques.
D. unpresented cheques.
14. The financial position of an organization at a particular time can be ascertained from the?
A. statement of sources and application of funds
B. statement of retained earnings
C. balance sheet
D. profit and loss account
15. What is the cost of goods sold?
16. The net profit or loss for the year is determined in profit and loss account after?
A. deducting purchases from sales
B. deducting cost of goods sold from sales and adding administrative expenses
C. adding commissions received to gross profit
D. eliminating all expenses from gross profit and adding any other income
17. If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
A. income in the profit and loss account
B. income in the balance sheet
C. additional cash in the profit and loss account
D. expense in the balance sheet
18. Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
19. From which of the following sources are creditors control account most likely to be posted?
A. supplier’s invoices
B. cash disbursements journal
C. subsidiary debtors ledger
D. purchases journal
20 Which of the following categories of labour cost will be classified as direct?
A. accountant’s salary
B. factory workers’ salary
C. managing director’s salary
D. cashier’s salary
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Last Updated on May 16, 2020 by Admin