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Jamb Financial Account and Economics Questions For Jamb Day 1 and Day 2

Jamb Day 1 and Day 2 Financial Accounting and Economics Questions
Jamb Day 1 and Day 2 Financial Accounting and Economics Questions
Written by Nkedugist

Jamb Day 1 and Day 2 Financial Accounting and Economics Questions, If you are searching for today’s Jamb exam question for Jamb day 2 candidate which was written today then kindly check out these questions that were released here.

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.

JAMB exam questions for Jamb day 3 will soon be released here kindly check and you need to know what questions to expect and the solutions to 2022 JAMB UTME, Economics, Biology, Physics, e.t.c. then you are on the right page.

Jamb Day 1 and Day 2 Financial Accounting and Economics Questions, all the questions to JAMB Exam Day 2 questions are all released here.

We have provided both the JAMB Exam day 1 and Jamb exam day 2 Questions for Maths, Physics, English, Economics, Civics, Biology e.t.c and what you should know about the questions that will appear in the actual JAMB Day 1, JAMB Day 2, JAMB Day 3, JAMB Day 4, JAMB Day 5 for 2022/2023 examination which will commence soon.

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:

Jamb Day 1 and Day 2 Financial Accounting and Economics Questions which are posted here are questions you are likely to see in your Jamb day 4, Jamb day 5, or Jamb day 6 it is not a must you will see all but simply work on the Jamb exam day 1 and day 2 Financial Accounting and Economics Questions it can save you a lot and put a smile on your face.

If you are a candidate who wrote his/her Jamb exam on Jamb day 2, Jamb day 3, or Jamb day 4 e.t.c and you are sure of what questions you saw during your own Jamb exam day and you want to help we are going to drop a link to NKEDUGISTS FORUM WHERE YOU CAN POST THE JAMB EXAM QUESTIONS IN OTHER TO HELP OTHER  CANDIDATES.

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Nkedugist

I created Nkedugist.com.ng to serve and assist all Aspirants who are seeking school information or want to apply for admission into Nigerian Tertiary Institutions such as Universities, Polytechnics or Colleges of Education with information regarding the various education system.

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