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Jamb Financial Accounting Questions and Answers For 2023/2024

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Jamb Accounting Exam Questions and Answers for free for all Jamb candidates are now available. The Jamb Accounting exam questions are now trending online, you can use them for guidelines to study.

Jamb exam questions are logical in the sense that all the answers option look alike or exactly which made it so confusing and make many candidates fail.

Jamb Accounting exam questions are not hard or difficult, you can use a sample of our Jamb Accounting exam questions and answers available here for guides.

If you have not still covered the 2023 Jamb Accounting syllabus kindly do because Jamb we set questions from the syllabus. You only need to read using the JAMB Accounting syllabus as a guide to know the JAMB topics to cover before the Jamb exam day.

Having said that, let’s quickly go to Jamb Accounting questions and answers. Use them to prepare for the JAMB mock and examination.

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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