40 Jamb Accounts Likely Questions And Answers Read More

40 Jamb Accounts Likely Questions And Answers Read More

Jamb Accounts Questions And Answers

1. The profit of a branch is usually credited to the

Answer: Branch office goods account

2. Departmental accounts are maintained to ascertain the

Answer: Contribution of each department

3. In a professional partnership, membership must be between

Answer: 2 and 10

4. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including

Answer: Interest on loans

5. The debenture issued at par above the nominal value is said to be issued at a

Answer: Premium

6. Questions: The principal use of control accounts is to

Answer: Localize errors within ledgers

7. When a bill is negotiated at the bank, it is said to be

Answer: Discounted

8. Credit sales were debited to Akpana instead of B. Akpan. This is an error of

Answer: Commission

9. The main objective of accounting report is to provide information about …

Answer: An entity’s management

10. The purpose of using sales ledger balance to cancel off purchases ledger balance is

Answer: Set off

11. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with approved guideline is the

Answer: Auditor General

12. The cash basis of accounting requires the recognition of revenue only when they are

Answer: Received

13. Responsibility accounting is particularly concerned with

Answer: Controllable costs

14. Earnings per share is a measure of

Answer: Profitability

15. Subscription owned by members of a club is a/an

Answer: Asset

16. The subscription paid in advance is treated in the balance sheet of a club as

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Answer: A liability

17. The movement of goods from head office to branch is treated in the head office accounts as

Answer: Sales

18. Which of the following is a common cause of discrepancy between head office and branch trial balance

Answer: Debtors and cash in transit

19. Which type of stock valuation method would a vegetable seller adopt in valuing its product?

Answer: FIFO

20. Question: The transactions relating to liquidation in partnership account is drawn by using

Answer: cash account

21. Deferred charges are also known as

Answer: Accrued expenses

22. Factory wages are always entered into which account?

Answer: Manufacturing account

23. One of the reasons for the existence of the public sector is to

Answer: provide cheap services to all citizens

24. The correct entry to reflect the receipt of cash sent by a branch to a head office is

Answer: Debit cash and credit branch current account

25. Working-in-progress is the value of

Answer: partly finished goods

26. The Act establishing the institute of Chartered accountants in Nigeria (ICAN) came into force on

Answer: 1st September, 1965

27. The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

Answer: Market value of goods produced

28. An effective accounting system should provide information

Answer: On internal and external reporting for managers and third parties

29. An ordinary share of #60 was issued at #75. The share was issued at

Answer: Premium

30. Preliminary expenses of a limited liability company are

Answer: Fictious assets

31. The subscription paid in advance is treated in the balance sheet of a club as

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Answer: A liability

32. In the dissolution of a partnership business, the net book, value of the assets is transferred to

Answer: Debit realization account

33. The chief accounting officer of a local government is the

Answer: Chairman

34. The founder of a company are

Answer: promoters

35. A component of an overhead manufacturing cost is

Answer: Rent

36. The price paid by an acquiring company is the

Answer: Purchase consideration

37. After receiving the financial statement, the Auditor General of the Federation must submit a report to the National Assembly within

Answer: 30 days

38. The amount of money for a particular purpose by a government organization for its expenditure is the

Answer:  fund

39. Investors are interested in accounting information to determine the organization’s

Answer: profitability ratio

40. Working capital is calculated as

Answer: current assets less current liabilitities

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