Jamb Acct Questions 1 5

JAMB
Accounting
Past questions
Paper Type: Objective (PT. 1-5)
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JAMB ACCOUNTING PAST QUESTIONS (PT.1)
Paper Type: D B. Credited

C. Credited and debited
1. Which Questions Paper Type of respectively
Principles of Accounts is given to D. Debited
you?
4. The principle of double entry
A. Type A. ensures _____
B. Type B.
C. Type C. A. mathematical accuracy in trial
D. Type D. balance
B. Balance at the bank
2. The historical development of C. increases in the assets and
accounting reveals that it ____ liabilities
D. balance of cash account
A. deals with debit and credit
terms 5.
B. is a product of financial I. Deduct the smaller side figure
development from the bigger side figure
C. is a product of its own II. Add up both sides
environment III. Take the difference to the
D. is an ideal subject for financial smaller side and add to the
development smaller figure
3. In a trial balance, income and The correct procedure for

liabilities are _____ balancing account is _____
A. debited and credited A. II, I and III

respectively B. I, III and II
C. II, III and I 8. The medium of correcting
D. I, II and III errors whose difference are shown
in the trial balance is by the use
6. Given: ₦ of _____
Light expenses 400
Purchases 3000 A. debtors’ account
Sales 1200 B. creditors’ account
Debtors 50 C. suspense account
D. ledger account
Calculate the total of the trial
balance. Use the information below to
answer questions 9 and 10.
A. ₦4,250
B. ₦3,500 Adamu Stores bought accessories
C. ₦4,300 from Mu’azu Beverages for ₦400
D. ₦3,450 on credit. A trade discount of 10%
and a cash discount of 15% were
7. The major feature of a journal provided.
is that it has _____
9. Find the total amount paid.
A. six columns, date, particulars,
folio, amount, debit and credit A. ₦260
B. five columns, date, particulars, B. ₦300
folio, debit and credit C. ₦200
C. three columns, date, D. ₦380
particulars, folio and amount
D. four columns, date, particulars, 10. Calculate the cash discount.
folio and amount
A. ₦60
B. ₦90 B. bank balance as per adjusted
C. ₦40 cashbook
D. ₦100 C. aggregate balance as per
cashbook
11. In bank reconciliation D. bank balance as per cashbook
process, discrepancies caused by
timing arises as a result of _____ Use the information below to
A. cash book and bank statement
B. bank statement only I. Stock of goods
C. cash book, bank statement and II. Furniture
other incidental records III. Creditors
D. cash book only IV. Cash at bank
V. Loan from the bank
12. The process of reconciling
cheques between banks is termed 14. Determine the current
cheque _____ liabilities
A. clearing A. III and V

B. truncation B. Il and III
C. holding C. IV and V
D. confirmation D. l and II
13. In a bank reconciliation 15. Find the current assets.

statement, interest charged for
overdrawn balances should be A. III and V
added to the _____ B. II and I
C. IV and V
A. balance as per bank statement D. I and IV
16. The type of expense charged June 30 Closing stock 100 units at
₦ 90
against administration of a firm is
July 8 Purchased 200 units at ₦95
the _____ 10 Sold 160 units
17 Returned 80 faulty units
A. repairs on building purchased at ₦95

18 Purchased 200 units at
B. interest paid on loan
₦105
C. discount allowed 20 Sold 180 units
D. tax expense. 28 Purchased 200 units at
₦110
29 Sold 120 units 30 Sold 100
17. In a period of declining price,
units
which of the following methods
would result in higher profit? 19. How many units were at hand
as at July 30?
A. FIFO.
B. Simple average. A. 80
C. LIFO. B. 100
D. Weighted average. C. 60
D. 160
18. The item on the credit side of
the trading account is the _____ 20. What is the value of stock as
at the end of July 10 using FIFO?
A. returns outwards
B. carriage on sales A.₦14 400
C. sales B. ₦13 300
D. purchases C. ₦15 200
D. ₦4 12 600
Use the diagram below to
answer questions 19 and 20. 21. A typical example of a real
account is _____
A. prepayment A. ₦4 800
B. expenses B. ₦8 480
C. plant C. ₦2 320
D. income. D. ₦9 900
22. The control account can be 24. Calculate the net profit.
used in _____
A. ₦1 620
A. recording all business B. ₦1920
transactions of the enterprise C. ₦1 420
B. keeping records of all direct D. ₦ 2 120
deposits in the bank account
C. monitoring the books of Use the information below to
original entry answer questions 25 and 26
D. monitoring the efficiency of
bookkeeping by accountants Trading account for the year
ended 31st December 2009
Use the diagram below to ₦
Opening stock 32,000
answer questions 23 and 24. Purchases 40000 40,000
Carriage 1,000
Inwards 41,000
Incomplete Record (Extract) Less returns 2,000
Cost of goods
₦ ₦ available for sale ???
Sales 10 600 Less closing stock 9,000
Cost of goods sold ???
Rent 200 Sales 48,000
Returns 2,000
Depreciation of vehicle (cost ₦5000) 10%

Gross profit margin is 20% 25. Find the average stock for the
period.
23. What is the cost of goods
sold? A. ₦27 000
B. ₦23 000
C. ₦ 28 000 D. direct cost.
D. ₦ 20 500
29. Work-in-progress is the
26. Calculate the cost of goods _____
sold.
A. value of partly finished goods
A. ₦61 000 B. value of finished goods on
B. ₦58 000 hand
C. ₦ 62 000 C. sales less cost of goods sold
D. ₦57 000 D. value of goods produced.
27. The costs that are directly 30. The major feature of not-for-
traceable to the goods being profit-making organization is that
produced is _____ they are formed _____?
A. partly manufactured goods A. to use accumulated fund to

B. overhead cost describe the net amount owed to
C. total factory expenses members
D. prime cost. B. mainly to improve the welfare
of her members
28. The production cost that does C. to engage in trading activities
not form part of the product but is to sponsor its activities
incidental to production and D. in order to compute the
facilitates the production activities receipts and payments account
is the _____
31. The subscription paid in
A. prime cost advance is treated in the balance
B. indirect cost sheet of a club as _____?
C. total cost
A. a surplus 34. The transactions relating to
B. a liability liquidation in partnership account
C. a deficit is drawn by using _____
D. an asset
A. current account
32. The capital of not-for-profit- B. cash account
making organization is referred to C. capital account
as _____ D. realization account
A. entity fund 35. The cost method of charging

B. capital owned goods to branch is used where
C. accumulated fund _____
D. capital employed
A. branch stock adjustment
33. The major objective of account is in use
departmental accounts is to B. the retention of branch trading
ascertain the _____ account is in addition to the cost
of goods sold
A. contribution of each C. goods are sent without invoice
department to profit or any documents
B. materials sold in each D. goods are of a perishable
department nature on which a pre-determined
C. insurance premium payable on price is inapplicable
employees
D. number of employees in each 36. The correct entries to record
department goods transferred to branch from
head office is to debit _____
A. branch stock account and A. cost price, selling price and
credit goods sent to branch fixed percentage on selling price
account B. cost price, selling price and
B. branch supplies account and fixed percentage on cost price
credit branch stock account C. cost price and fixed percentage
C. branch stock account and on cost price
credit purchases account D. cost price and fixed percentage
D. D. goods sent to branch on selling price
account and credit branch stock
account 39. The major point of agreement
carried by the partnership deed is
37. The two accounts that are _____
normally opened in the head
office when goods are transferred A. 5% interest per annum on any
to a branch are _____ loan
B. an oral agreement among the
A. branch supplies and branch partners
receipts C. method of inheritance by the
B. branch stock account and partners' children
goods sent to branch accounts D. the profit and loss sharing ratio
C. goods sent to branch account of the partners
and branch receipt account
D. goods sent to branch account Use the information below to
and branch supplies answer questions 40 and 41.
38. Goods invoiced to a branch Keme and Kemi are in

can be sent using _____ partnership sharing profit and
losses in the ratio 3:2
Capital - Keme ₦20,000 A. Revaluation account.
- Kemi ₦10,000 B. Profit and loss account.
Drawings - Keme ₦ 2,000 C. Capital account.
- Kemi ₦ 3,000 D. Trading account.
Profit ₦ 6,000
43. Goodwill is determined using
Interest on capital 5% _____
Interest on drawings 10%
A. capital contribution of old
40. The interest on Kemi's capital partners.
is _____ B. number of partners admitted.
C. the business and customer
A. ₦1 000 relations
B. ₦2 000 D. number of active partners.
C. ₦4 500
D. ₦3 000 44. The founders of a company
are _____
41. The interest on Keme's
drawings is calculated as _____ A. promoters
B. shareholders
A. ₦200 C. canvassers
B. ₦150 D. stakeholders
C. ₦ 300
D. ₦ 100 45. The fund in which all
government receipts are paid is
42. Which of the following can be _____
used on admission of a new
partnership? A. consolidated revenue fund
B. development fund
C. trust fund C. Accountant-General.
D. contingency fund D. President.
46. Which of the following 49. The chief accounting officer of

accounts for the highest revenue a local government is the _____
to Nigeria?
A. Chairman
A. Import duties. B. Treasurer
B. Personal income tax. C. Director of personnel
C. Petroleum resources. D. Auditor
D. Company tax.
50. Which of the following signs
47. If Aboki Holdings Limited general warrant for the release of
issued 120,000 ordinary share of money from the consolidated
₦2.00 each at market value of revenue fund?
5.50k each, the share premium
would _____ A. Minister of Finance.
B. Chairman, Economic Advisory
A. ₦500,000 Committee
B. ₦450,000 C. Permanent secretary.
C. ₦550,000 D. Minister of Economic Planning
D. ₦420,000
48. Which of the following is a

signatory to federal government
account?
A. Auditor-General.
B. Governor of Central Bank.
PAPER TYPE: YELLOW D. effective preparation of

balance sheet
1. Which Question Paper Type of
Principles of Accounts as indicated 4. The correct posting in the
above is given to you? double entry system of account
when there is an increase in
A. Type Green. assets, expenses, capital or
B. Type Purple. liabilities is to debit _____
C. Type Red.
D. Type Yellow A. capital and credit liabilities
B. liabilities and credit assets
2. The basis upon which assets of C. assets and credit capital
an organization is valued is the D. capital and credit assets
_____
5. The capital of a sole trader can
A. historical concept be increased by _____
B. business entity concept
C. periodicity concept A. debiting the capital account
D. materiality concept B. crediting the capital account
C. debiting the cash account
3. An accountant must not only D. crediting the cash account
be interested in record keeping
but also in _____ 6. Akirika bought a motor van for
his business by cash. The entries
A. the application of professional are to debit _____
competency
B. the accuracy of postings A. motor van and credit Akirika
C. the casting of financial figures B. sales and credit Akirika
C. motor van and credit cash B. purchases ₦ 12,000 and credit
D. cash and credit motor van sugar account 412,000
C. Jide ₦12,000 and credit
Use the information below to purchases ₦12,000
answer questions 7 and 8. D. Ibrahim 412,000 and sugar
account ₦12,000
Ibrahim, a micro-business
operator, sold 10 bags of sugar to 9. Given:
Jide at total cost of ₦12,000. Cash Book
₦ ₦
Capital 2,600 Purchases 15,000
7. In the book of Ibrahim, the Sales 28,200 Rent 1,250
Motor vehicle 7,600
entry to record the transaction
would be to debit _____
Determine the bank balance.
A. sugar account N12,000 and

credit Jide ₦12,000 A. ₦6,950 credit
B. Jide ₦12,000 and credit sales B. ₦6,950 debit
account ₦12,000 C. ₦ 6,000 credit
C. Ibrahim 412,000 and credit D. ₦ 6,000 debit
Jide ₦12,000
D. sugar account N 12,000 and 10. In a three-column cash book,
credit Ibrahim ₦ 12,000 dishonoured cheques will be

shown on the _____
8. The record in Jide's book would

be to debit A. bank column (debit)
B. bank column (credit)
A. purchases N12,000 and credit C. cash column (debit)
Ibrahim ₦12,000 D. cash column (credit)
A. has no sufficient cash with the
Date Particulars Folio Details Total bank
B. has no account with the bank
1/6/02 2 bags of SL 1,800 1,800
Maize C. does not reside in the bank's
country
12/6/02 3 bags of 7,000 7,000
D. does not possess the domestic
Salt
currency
8,800
Less 5%
discount 14. Given:
11. The 5% discount shown Cashbook balance ₦5000

Dishonoured cheque ₦1000
above indicates _____
Direct credit ₦ 800
Direct debit ₦ 500
A. trade discount
B. cash discount The adjusted cash book balance is
C. discount allowed _____
D. discount received
A. ₦6,300
12. Cash can be drawn from the B. ₦4,300
bank using _____ C. ₦3,700
D. ₦2,700
A. a bank teller
B. a credit card Use the information below to
C. a recharge card answer questions 15 and 16.
D. ATM card ₦
Stock 1/1 2,000
Net sales 370,000
Add purchases 250,000
13. In a modern day banking
Cost of goods
system, cash transfer cannot be available for sale 270,000
Less stock 31/12 40,000
made where the transferor _____ Cost of goods sold 230,000
Rent expenses 35,000
15. Find the gross profit. A. ₦210,000
B. ₦202,000
A. ₦370,000 C. ₦195,000
B. ₦230,000 D. ₦184,000
C. ₦150,000
D. ₦140,000 18. The revenue to be added as
an adjustment is _____
16. Calculate the net profit.
A. ₦34,000
A. ₦35,000 B. ₦30,000
B. ₦40,000 C. ₦15,000
C. ₦105,000 D. ₦4,000
D. ₦115,000
19. Which of the following is an
Use the information below to item of special assets?
A. Fixed assets
At the end of a financial period, B. Current assets
the trading profit and loss account C. Trademark
of a sole trader shows a profit of D. Gratuity
₦180,000. It is, however
discovered that revenue of Use the information below to
₦15,000 is recorded as expenses answer questions 20 and 21.
while expenses of ₦4,000 is
recorded as revenue. 1/5/07 Purchased 100 bags of
milk at ₦10.00k each
17. Determine the adjusted net 3/5/07 Purchased 60 bags of
profit milk at ₦11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of C. average rates
milk at ₦12.80k each D. flat rates
22/5/07 Issued 145 bags of
milk. 23. In sales ledger control
account, returns inwards is
20. Using FIFO method, what usually _____
would be the value of stock as at
9/5/07? A. debited and debtors credited
B. credited and sales returns
A. ₦862.50 debited
B. ₦840.00 C. debited and cash credited
C. ₦806.25 D. credited and bank credited
D. ₦750.00
24. Purchasers ledger control
21. Using simple average account can also be referred to as
method, calculate the value of _____
stock after 22/5/07
A. sales day book
A. ₦1,198.00 B. purchases day book
B. ₦1,218.38 C. creditors ledger
C. ₦1,257.67 D. debtors ledger
D. ₦1,408.00
25. Which of the following is a
22. The LIFO method has an debit item in the sales ledger
advantage over FIFO in that control account?
stocks are valued at _____
A. Cheque receipts
A. previous prices B. Dishonoured cheques
B. current prices C. Discount allowed
D. Bills receivable C. ₦45,000
D. ₦52,000
26. Cash Book (Extract)
₦ ₦ 28. In manufacturing accounts,
Balance b/f 2,600 Sundry
Receipt expenses 16,800 finance expenses are charged to
from Drawings 4,700
customers 16,400 Supplier 7,300 the _____?
A. departmental account
Debtors opening and closing
B. trading account
balances amount to N6,500 and
C. profit and loss account
N7,600 respectively. What is the
D. balance sheet
sales value?
Use the information below to

A. ₦15,300
B. ₦17,500
C. ₦28,400
₦
D. ₦31,600
Total production cost 360,000
Factory overhead cost 56,000
27. Given:
Selling price per unit 120
₦
Fixtures 30, 000
Production volume 4000 units
Debtors 7, 000
Stock 8,000
29. What is the total
Creditors 3,000
manufacturing profit?
Goodwill 10,000
A. ₦64,000
Determine the capital.
B. ₦120,000
C. ₦360,000
A. ₦10,000
D. ₦480,000
B. ₦42,000
30. Determine the value of prime B. 215,000 credit
cost. C. 215,000 debit
D. 315,000 credit
A. ₦416,000
B. ₦304,000 33. The main advantage of a
C. ₦240,000 departmental account is that its
D. ₦184,000 _____
31. The excess revenue over A. expenses are shared

expenditure is charged to _____ B. gross profit is computed
C. net profit is computed
A. profit and loss D. balance sheet is obtained
B. revenue account
C. accumulated fund 34. Given:
D. income and expenditure Trading, Profit and Loss
account Account (Extract)
Dept X
Net sales
32. Given: Less cost of
goods sold 3000
Receipt and Payment Accounts (Extract) Stock 1/1 200
Purchases 1,000
Cost of
Da Receipt ₦ Date Payme ₦ goods 1,200
te nt available for
1/9 Balance 210,0 10/9 Salary 20,0 sale
b/f 00 00 Less stock 400
5/9 Subscript 80,00 15/9 Wages 15,0
11/12
ions 0 00
Cost of
30/ Donation 6000 20/9 Donatio 40,0
9 s n 00 goods sold 800
20/9 Transp 10,0
ortation 00
30/9 Enterta 50,0 From the above information, the
inment 00
gross profit department X is
Determine the balance. _____
A. 415,000 debit A. ₦3, 800
B. ₦2,300 The partners capital are: Modibbo
C. ₦2,200 ₦60,000 and Jakata ₦90,000. The
D. ₦2,000 partners share profit and losses in
the ratio of their capital
35. In the head office ledger, the contributions. The net profit for
value of goods sent to the branch the year is ₦12,000.
are _____
37. Find Modibbo's share of the
A. debited to the head office profit.
current account
B. debited to the branch current A. ₦62,000
account B. ₦48,000
C. credited to the head office C. ₦44,000
current account D. ₦43,000
D. credited to the branch current
account 38. What is Jakata's profit sharing
profit?
36. Which of the following
methods of invoicing goods to A. 3:5
branches facilitate easy checks on B. 1:2
the activities of branches? C. 2:5
D. 1:5
A. cost price
B. fixed percentage on cost 39. In what way can goodwill be
C. selling price written off in a partnership
D. invoice price business?
Use the information below to A. Using the partners' profit and

answer questions 37 and 38. loss sharing ratio
B. By neglecting the ratio of 41. In converting a partnership
partners’ capital contributions into a limited liability company,
C. By sharing it unequally among the necessary accounts to be
the partners where no agreement opened in the books of the
exists company are _____
D. By sharing it among the active
partners only A. business purchase account and
ordinary share capital account
40. Ngozi and Musa with a capital B. Business purchase account,
of ₦30,000 each decide to admit vendor account and ordinary
Mary into the partnership share capital account
business with a capital of ₦20,000 C. business purchase account and
and goodwill ₦15,000. If the vendor account
profits and losses are to be D. ordinary share capital account,
shared equally, the journal entries vendor account and unpaid share
to record goodwill are _____. capital account
A. debit goodwill ₦15,000, cash 42. Given:

₦20,000 and credit Mary's capital I. The Memorandum of
₦35,000 Association of the Company
B. credit goodwill ₦15,000, cash II. The Article of Association of
₦20,000 and debit Mary's the Company
₦35,000 III. The Incorporation documents
C. debit goodwill ₦15,000, credit
cash ₦20,000 and credit Mary's From the above, which of the
capital ₦20,000 following is delivered to the
D. debit old partners’ capital Registrar of companies for
₦15,000, credit cash ₦20,000 and incorporation
Mary's capital ₦35,000
A. I and II Use the information below to
B. I,II and III answer questions 45 and 46.
C. I and III
D. II and III ₦
Purchasers - ₦44,880
43. When shares are Sales - ₦85,850
oversubscribed and money Trade creditors - ₦12,250
returned to unsuccessful Trade debtors - ₦24,000
applicants, the entry to record Accrued expenses - ₦ 350
such money is to debit _____ Prepaid expenses - ₦ 700
Stock 1/1/2006 - ₦25,120
A. application and allotment Stock 31/12/2006 - ₦27,840
account and credit unsubscribed
shares 45. Calculate the acid test ratio.
B. application and allotment
account and credit cash A. 1:94:1
C. oversubscribed shares and B. 1:96:1
credit allotment account C. 1:1:94
D. oversubscribed shares and D. 1:1:96
credit allotment account
46. Determine the number of
44. Investment at cost of a times stock was turned over
company is to be disclosed under during the period to the nearest
_____ figure.
A. trading accounts A. 1
B. profit and loss account B. 2
C. balance sheet C. 3
D. source and application of fund D. 4
47. Which of the following is a 50. The power to appoint the
source of revenue to the Auditor General of the Federation
federation account? is vested in the _____
A. Market fees A. National Assembly

B. Bicycle licences B. President
C. Tariffs C. Judicial Service Commission
D. Property rates D. Civil Service Commission
48. The book into which all types CHECK YOUR ANSWERS
of a ministry's expenditure are
recorded is the _____
Would you like to get or confirm
the correct answer(s) with
A. ledger book
explanations to any or all of
B. payment book
these questions?
C. vote book
D. expenditure book
Download it NOW!
49. The Petroleum Technology

Development Fund is under the
_____
A. general fund
B. contingency fund
C. trust fund
D. capital fund
PAPER TYPE: U B. been understated

C. debit balance
1. Which Question Paper Type of D. credit balance
Principles of Account is given to
you? Use the information below to
A. Type D.
B. Type I. July 1 - Started business with
C. Type B. ₦10,500
D. Type U. July 31 - Paid Agromachinex
₦6,000 owing them
2. Accounting information seeks
to provide _____ 4. The double entry for July 1
would be _____
A. permanent records for all
transactions A. debit capital and credit cash
B. analysis of accounts to trade B. credit cash and debit bank
debtors C. debit cash and credit capital
C. audited reports on the D. debit purchases and credit
accounts of a company cash
D. data about the employees of a
company 5. The double entry for July 31
would be _____
3. When the debit side total of an
account, it means that the A. debit Agromachinex and credit
account has _____ cash
B. debit equipment and credit
A. been overdrawn Agromachinex
C. credit capital and debit cash B. Purchase of office stationery
D. credit cash and debit C. Carriage inwards
purchases D. Purchase of office machinery
6. The total credit sales for a 9. The corresponding entry of

period can be extracted from the personal accounts found in the
_____ debit side of the cash is to _____
A. cash book A. credit real accounts

B. sales day book B. debit real accounts
C. petty cash book C. credit the ledger
D. returns inwards D. debit the ledger
7. The major source document 10. Alaka who owed Saka

which enables an employer to ₦15,000, settled his debt after
calculate the employee wages is deducting cash discount of 10%.
the _____ To record the discount in the book
of Saka, debit _____
A. nominal roll of employees
B. record of number of hours A. discount received account and
worked credit Alaka's account
C. effort of the employee B. Alaka's account and credit
D. record of number of discount received account
dependants per employee C. Saka's account and credit
discount received account
8. Which of the following items is D. discount allowed account and
a capital expenditure? credit Alaka's account
A. Maintenance of office machine 11.
I. The amount of the imprest is 12. The yearly depreciation using
the same from one organization the straight line method would be
to another _____
II. At the end of a fixed period,
the petty cashier received a fixed A. ₦8,800
sum of money. B. ₦6,500
III. At the end of a period, the C. ₦5,200
petty cashier is reimbursed with D. ₦4,400
the amount spent in that period.
IV. The system is a method by 13. If the scrap value is presently
which a measure of control is kept ₦15,000 what will be the yearly
on petty cash expenses. depreciation using straight line
method?
Which of the above is correct
about the imprest system? A. ₦4,000
B. ₦7,000
A. I, II and III C. ₦11,000
B. I, III and IV D. ₦24,000
C. II and IV
D. III and IV 14. The purchase of mattresses
from Freehold enterprises by
Use the information below to cheque amounted to ₦305,150.
answer questions 12 and 13 The correct entries for this
transaction in the book of the
A machine bought for ₦35,000 buyer is to debit _____
was estimated to have a life span
of 5 years with a scrap value of A. sales account and credit bank
₦9,000. account
B. purchases and credit bank A. ₦17,000
account B. ₦23,000
C. cash and credit freehold C. ₦26,000
D. bank and credit freehold D. ₦30,000
Use the information below to 17. Given:

answer questions 15 and 16. Opening capital - ₦1,500
Capital introduced - ₦ 500
₦ Profit for the year - ₦ 800
Sales - ₦232,000 Cash drawings - ₦ 250
Opening stock - ₦ 28,000
Purchases - ₦128,000 Calculate the closing capital.
Carriage inwards - ₦ 4,000
Carriage outwards - ₦ 6,000 A. ₦2,550
Closing stock - ₦10,000 B. ₦2,500
Discount received - ₦18,000 C. ₦2,350
Expenses - ₦ 20,000 D. ₦2,250
15. Calculate the gross profit. 18. What type of stock valuation
would a vegetable seller adopt in
A. ₦100,000 valuing its product?
B. ₦86,000
C. ₦82,000 A. LIFO
D. ₦76,000 B. FIFO
C. Simple average
16. Calculate the expenses D. Weighted average
debited to the profit and loss
account. 19. The total cash and cheques
received from customers in a
control account is derived from B. ₦9,500
the _____ C. ₦9,700
D. ₦10,700
A. purchases day book
B. cash book 22. Given:
C. income and expenditure
account Opening capital ₦50,000
D. sales journal Closing capital ₦64,000
Drawings ₦16,000
answer questions 20 and 21. Determine the net profit.
1/1/2010 31/12/2010 A. ₦2,000

₦ ₦
B. ₦14,000
Creditors 9,000 9,800
Rent owing 3,800 2,500
C. ₦20,000
Rates prepaid 2,000 3,500 D. ₦30,000
Motor van 8,000 8,000
Premises 10,500 10,500
23. The estimated profit or loss
for a period is calculated by
20. Find the opening capital.
_____
A. ₦5,700
A. closing capital less opening
B. ₦7,700
capital add drawings
C. ₦9,800
B. opening capital less closing
D. ₦14,900
capital add drawings
C. opening capital less drawings
21. Calculate the value of closing
add closing capital
capital.
D. opening capital add closing add
drawings
A. ₦8,700
24. Given: 26. The addition of prime cost,
₦ indirect cost and opening work-in-
Drawings 3,500 progress less the closing work-in-
Net loss 2,500 progress will result in cost of
Capital 35,000 _____
1/1/2007 A. goods available for sale

Additional Capital 10,000 B. goods sold
C. goods manufactured
The adjusted capital as at D. materials put into production
31/1/2007 is _____
A. ₦35,000 answer question 27-28.
B. ₦39,000
C. ₦45,000 ₦
D. ₦46,000 Opening stock of raw materials 75,000
Purchase of raw materials 330,000
Closing stock of raw materials 80,000
25. When goods produced are Direct wages 30,000
transferred at cost plus mark-up Carriages of raw materials 10,000
sale, the difference between the

cost and the transferred price is a 27. Calculate the cost of raw
_____ materials used.
A. discount A. ₦495,000
B. sales commission B. ₦415,000
C. manufacturing profit C. ₦335,000
D. factory reserves D. ₦305,000
28. Determine the prime cost.
A. ₦525,000 31. Which of the following
B. ₦515,000 expenses relates to the profit and
C. ₦465,000 loss account of a manufacturing
D. ₦365,000 firm.
29. In manufacturing account, the A. Direct materials

work-in-progress at the end of B. Direct labour
the year is _____ C. Administrative overhead
D. Work-in-progress
A. deducted from the cost of
goods completed during this year 32.
B. added to the cost of goods I. Direct materials
completed II. Direct labour
C. stated in the profit and loss III. Direct expenses
account IV. Factory expenses
D. stated in the prime cost section
Prime cost consists of _____
30. Which of the following is
accounted for in receipts and A. I, II and III
payment account? B. I, II and IV
C. I, III and IV
A. Subscriptions received in D. II, III and IV
advance
B. Subscriptions due not yet 33. The amount paid by a new
received partner on admission as a
C. Accrued expenses on annual compensation for the reputation
dances built up by old partners is a ____
D. Depreciation of the club house
A. bonus
B. commission B. premium
C. premium C. discount
D. goodwill D. interest
34. A partnership's internal 37. The purchase consideration

regulations are set out by _____ that is lower than the net asset
implies that, the buyer has gained
A. a deed the advantage of _____
B. a law
C. a constitution A. net income
D. an article B. revenue reserve
C. capital reserve
35. In a partnership account, D. net loss
interest on drawings is _____
38. When shares are issued at a
A. debited to appropriation discount, entries are to debit
account _____
B. credited to appropriation
account A. application allotment account
C. treated as an expense in profit and credit discount account
and loss account B. discount account and credit
D. recorded in the balance sheet C. cash account and credit
as current assets discount account
D. discount account and credit
36. When a share valued at 50k is bank account
issued at ₦1.59, it is said to be
issued at _____ 39. When there is no basis of
apportionment in an organization,
A. par
the expenses should be 41. What is the net profit of Y?
apportioned based on _____
A. ₦52,000
A. sales B. ₦68,300
B. purchases C. ₦68,800
C. equality D. ₦69,700
D. floor space
42. The objective of departmental
Use the information below to account is to _____
A. ascertain the cost of running
Department K Y the organization
₦ ₦ B. ascertain the amount of profit
Opening stock 2,500 800 or loss for each department
Purchases 120,000 100,000 C. ascertain the amount of profits
Sales 180,000 200,000 for losses for the enterprises
Salaries 8,000 30,000 D. offset the loss of each
Closing Stock 3,000 1500 treatment
Rate expenses of ₦1,500 are 43. Which of the following is the

apportioned in the ratio 1:2. capital reserve of a company?
40. The gross profit for K is _____ A. Share premium

B. Retained profit
A. ₦23,500 C. Accumulated depreciation
B. ₦60,500 D. Loss on forfeited shares
C. ₦60,700
D. ₦82,500 44. Given:
Applications were invited by the 46. The distributable profit
directors of Abiodun PLC for available to shareholders at the
500,000 ordinary shares of ₦1:00 end of each year is the _____
each at ₦1:10 per share payable
as follows; A. total profit and debtors balance
B. general reserve and retained
On application 46k profit
On allotment 20k C. retained profit and fictitious
1st Call 15k assets
2nd Call 19k D. total profit less creditors
balance
How much is to be paid for
application? 47. The debenture issued at par
above the nominal value is said to
A. ₦230,000 be issued at a _____
B. ₦280,000
C. ₦500,000 A. cost price
D. ₦550,000 B. mark-up
C. premium
45. The issued share capital is the D. margin
number of shares that are _____
48. Accountant-general of the
A. authorized by share holders federation is responsible for ____
B. shared among the directors
C. fully subscribed A. the general supervision of all
D. in the share certificate auditing personnel in all the
ministries
B. the compilation of annual
financial statement
C. the interpretation of rules and A. statutory allocation
regulations affecting the private B. supplementary budget
sectors C. virement
D. ensuring the efficient operation D. warrant
of the ministries
CHECK YOUR ANSWERS

49. Given:
Assets and Liabilities of a Local
Government
₦
Bank balance 6,484,000
these questions?
Cash 900
General revenue
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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
50. An instrument which allows

public officers to increase
expenditure within a year is ____
PAPER TYPE: S the point when the sale is deemed

to have been made is _____
1. Which Question Paper Type of
Principles of Accounts is given to A. matching
you? B. consistency
C. realization
A. Type F. D. going concern
B. Type E.
C. Type L. 4. A cheque of ₦5,000 paid to
D. Type S. Sulieman had been correctly
entered in the cash book but had
2. One of the differences between not been entered in Sulieman's
bookkeeping and accounting is account. To correct this error,
that the former _____ debit Sulieman's account and
credit _____
A. records data while the latter
interprets A. cash account
B. is regarded as the language of B. bank account
the business while the latter C. suspense account
ascertains its strength D. purchases account
C. interprets data while the latter
records it 5. Aduke Motors bought three
D. summarises information while Toyota Hilux vans on cash at the
the latter communicates it cost of ₦6,000,000, on debiting
the vehicle account, the
3. The concept which states that corresponding credit for the
revenue should be recognized at purchase will appear in the _____
A. sales day book D. profit and loss and balance
B. purchases day book sheet
C. sales subsidiary book
D. cash book 9. The accounting entries to
record a cheque issued by a
6. Which of the following affects business is to _____
the accuracy and authenticity of
the trial balance? A. debit cash book and credit
drawer
A. Error of omission B. credit cash book and debit
B. Error of commission drawer
C. Error of transposition C. debit cash book and credit
D. Error of original entry suspense account
D. credit cash book and debit
7. A ledger is classified into _____ suspense account
A. private, sales and purchases 10. Given:

B. personal, general and private If Emeka Enterprises settles its
C. general, private and sales suppliers for goods purchased
D. sales, purchases and general within 7 days, it can earn a cash
discount of 12 and half percent.
8. The book of account in which Assuming ₦22,800 worth of goods
information from the source were purchased and settled within
documents are recorded consists 5 days, what will be the amount
of _____ to be credited in the cash column
of the company's cash book?
A. debit and credit notes
B. ledger and subsidiary books A. ₦25,650
C. prepayments and accruals B. ₦22,800
C. ₦19,950 A. imprest system only
D. ₦18,240 B. direct purchase by branch
C. separate accountant for the
11. The major advantage of an branch
imprest system is that it _____ D. credit sales by only the
headquarters
A. ensures a proper accountability
for every expenditure 14.
B. trains the young accountants in I. Cash sales
preparation for greater II. Cash purchases
responsibilities III. Cash discount allowed
C. relieves the chief cashier of the IV. Cash payment
numerous petty cash payments V. Cash receipts
D. serves as an analysis column
for every expense Which of the following are
recorded on the debit side of the
12. Petty cash book records cashbook?
transactions on _____
A. I and II
A. the debit side only B. I and III
B. the credit side only C. I and V
C. both credit and debit sides D. I and IV
D. reversed entry
15. An item credited in the bank
13. A major way by which the statement but yet to be recorded
headquarters guard against fraud in the firm's cash book is _____
in branches on cash remittance is
through the introduction of _____ A. bank loan
B. contract payment
C. standing order C. ₦9,000
D. direct deposit D. ₦9,450
16. The formula for calculating 19. If machine X cost ₦600,000

depreciation using straight line with anticipated life span of five
method is _____ years and estimated scrap value
of ₦50,000, using straight line
A.
Scrape Value + Sales method; depreciation charged for
Useful life
Cost−Scrape Value two years will be _____
B.
Useful life
Sales−Scrape Value
C.
Useful life A. ₦700,000
Purchases+Sales
D. B. ₦240,000
Useful life
C. ₦220,000
17. The major focus of the trading D. ₦202,000
account is to show _____

A. net profit answer questions 20 and 21.
B. gross margin
C. total purchases Balance sheet (Extract)
D. total sales ₦
Creditors 7,940
18. If goods were bought from Prepaid expenses 290
Tanko at a cost price of ₦9,000 Accrual expenses 323
with a cash discount of 5%, how Stock 4,500
much will be paid assuming Cash balance 4,956
prompt payment was made? Debtors 905
A. ₦4,500 20. The value of the current
B. ₦8,550 assets will be _____
A. ₦10,361 15/3 Sales 300 books at
B. ₦10,651 ₦900 each
C. ₦17,396
D. ₦17,848 23. Determine the cost of goods
sold using FIFO.
21. Determine the current
liabilities. A. ₦285,000
B. ₦300,000
A. ₦8,553 C. ₦570,000
B. ₦8,263 D. ₦600,000
C. ₦7,940
D. ₦1,228 24. Calculate the cost of goods
available for sale using LIFO.
22. The excess of sales over cost
of goods sold is _____ A. ₦801,000
B. ₦1,100,500
A. gross sales C. ₦1,160,500
B. gross profit D. ₦1,175,500
C. net profit
D. net sales 25. The control account is used in
facilitating _____
answer questions 23 and 24. A. the location of errors in the
various accounts
2/3 Purchases 900 books at B. up to date bank transactions
₦1,000 each C. the payment of debts and
4/3 Purchases 590 books at ₦ liabilities of the firm
950 each D. assets distribution with respect
to income
26. A book of account that 29. Maina Merchants Trading and
possesses the features of both Profit and Loss Account (Extract)
daybook and ledger is _____
₦ ₦
A. sales day book Stock
(1/1/2010) 80,000 Sale 300,000
B. cash book
Purchases 90,000 Less returns
C. purchases day book Cost of goods
D. returns day book available for sale 170,000
Inwards 30,000
Stock ?
27. The value of the sales ledger
(31/12/2010) ------
control account is derived from ------
the summation of _____ ------ 270,000
Cost of goods sold ?
Gross profit 150,000
A. the total debtors' account
270,000 270,000
B. the total creditors' account
C. all day books Determine the closing stock.
D. both the debtors’ and creditors'
accounts A. ₦30,000
B. ₦40,000
28. Subscription in arrears is C. ₦50,000
treated in the balance sheet of a D. ₦60,000
club as _____

A. current asset answer questions 30 and 31.
B. current liability
C. fixed asset Social Club Subscription (Extract)
D. intangible asset
₦
31/12/2009
Subscription Income and Expenditure (Extract)
Accrued 18,900
Subscription ₦ ₦
received in Bal. b/d 390 Expenses
on cleaning 300
advance 16,400
Sales of
Subscription tickets 4000 New tool 510
received during Donations 3,000 Repairs 400
the year 2009 38,570 Subscriptions 6,500 Electricity 350
32. What is the total income for

30. Determine the amount of
the period?
subscription for the year.
A. ₦13,890
A. ₦57,470
B. ₦13,500
B. ₦41,070
C. ₦10,500
C. ₦40,210
D. ₦9,500
D. ₦35,300
33. What is the balance carried

31. What is the amount of
down?
subscription to be shown as
liability in the balance sheet as at
A. ₦11,680
December 2009?
B. ₦11,930
C. ₦12,330
A. ₦14,200
D. ₦13,430
B. ₦16,400
C. ₦18,900
34. Given:
D. ₦20,500
₦
Sales 180,000
Stock 1/1 25,000
answer question 32 and 33.
Purchases 110,000
Sales returns 1,000 37. If goods are sent to branch at
Purchases returns 1,500 25% on cost, what will be the
Gross profit 58,000 cost of goods sent to the branch
at a selling price of ₦100,000?
Determine the value of stock as at
31st December. A. ₦130,000
B. ₦125,000
A. ₦8000 C. ₦80,000
B. ₦9,500 D. ₦75,000
C. ₦12,500
D. ₦15,500 Use the information below to
35. In a departmental account,
where no basis of apportionment Hussaina Enterprises sent goods
exist, apportionment is _____ worth ₦800,000 at cost plus
mark-up of 20% to its branch
A. on profit basis
B. according to employee decision 38. What is the cost price of the
C. according to material available goods sent to the branch?
D. on equal basis
A. ₦600,000
36. In a departmental account, B. ₦620,000
the expenses to be apportioned C. ₦640,000
on the basis of turnover is _____ D. ₦700,000
A. carriage inwards 39. Determine the profit on the

B. returns outwards goods sent to the branch at profit
C. discount received margin of 25% mark-up.
D. carriage outwards
A. ₦150,000 balances of partners are
B. ₦160,000 transferred to a _____
C. ₦170,000
D. ₦180,000 A. realization account
B. savings account
40. In the absence of a C. share capital account
partnership deed, the act D. capital account
stipulates that _____
43. The expenses incurred in
A. an amount should be fixed as purchasing a vehicle is a _____
salary for partners
B. interest on partners loan A. revenue expenditure
should be 25% B. capital expenditure
C. interest should not be allowed C. recurrent expenditure
on partners drawings D. concurrent expenditure
D. profits and losses should not
be shared equally 44. Payment for shares in excess
of amount offered gives rise to
41. The profit of a branch is _____
usually credited to the _____
A. subscription in advance
A. adjustment account B. revenue reserves
B. head office sales C. capital reserves
C. head office goods account D. calls-in-advance
D. head office current account
45. The details of the share
42. Where partnership is capital which a company is
converted into a limited liability authorized to issue is contained in
company, current account the _____
A. Articles of Association A. ₦224,950
B. Companies and Allied Matters B. ₦225,000
Act C. ₦324,950
C. Memorandum of Association D. ₦325,000
D. Share capital certificate
48. The book value of issued
46. ₦800,000 worth of ordinary share capital is _____
shares of 50k were issued at ₦1
each, payable in full on A. ₦675,000
application. The entry in the cash B. ₦975,000
book would be to _____ C. ₦1,350,000
D. ₦1,950,000
A. credit ₦1,600,000
B. debit ₦1,600,000 49. The account of government
C. credit ₦1,600,000 into which all monies are received
D. debit ₦800,000 and from which all expenditures
are disbursed is the _____
answer questions 47 and 48. A. Federation account
B. Petroleum Technology
Oil and Buns issued to the public Development Fund
1,300,000 ordinary shares of 75k C. Central Bank Account
at a price of ₦1.50k. Application D. Development fund
and allotment were received for
900,000 shares at 25k each. 50. In government accounting,
the method used which records
47. Determine the amount on the basis of financial entity
received on application and with self-balancing books instead
allotment.
of entity of proprietorship is
_____
A. virement
B. fund accounting
C. consolidated fund
D. financial regulation
CHECK YOUR ANSWERS

these questions?
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1. The Term “accounting period” A. for customer feedback and

is used to refer to the _____ requirement
B. on new products and methods
A. period within which debtors are C. for promoters, directors, labour
expected to settle accounts unions and distributors
B. time span, usually one year, D. on internal and external
covered by financial statement reporting for managers and third
C. time span during which taxes party
are paid to the Inland Revenue
Board 4. Which of the following
D. budget period, usually one accounting records are source
year, relied on by the accountant documents?
2. Assigning revenues to the A. Sales invoice and cash book

accounting period in which goods B. Sales invoice and debit note
were sold or services rendered C. journals and ledger
and expenses incurred is known D. cash book and debit note
as _____
5. The instruments that are
A. matching concept generated when firms enter into
B. consistency convention business transactions with others
C. adjusting for revenue are called _____
D. passing of entries
A. invoices
3. An effective accounting system B. source documents
should provide information _____ C. purchases documents
D. journals
6. The document that is used to C. ensures that every expenditure
acknowledge the acceptance of is reviewed and verified before
the return of goods by the seller payment is made
from the buyer is known as _____ D. provides a comprehensive
record of business done with
A. invoice particular suppliers
B. debit note
C. credit note Use the information below to
D. voucher answer questions 9 and 10.
7. The act establishing the Aminu and Sons credit purchases

Institute of Chartered [Extract] as at February 1996.
Accountants of Nigeria (ICAN)
came into force on _____ ₦
Feb. 1 Credit balances 40,000
Feb. 28 Debit balances 1,000
A. 1st September, 1963
Purchases journal totals 500,000
B. 1st October, 1960 Returns outwards journal total 50,000
C. 1st September, 1960 Cheques paid to suppliers 400,000
D. 1st October, 1963 Promissory notes sent to Suppliers 30,000

Discount received from suppliers 8,000
Credit balances in the purchases ledger set
8. An advantage of the use of the off against debit balances in the sales
voucher system is that it _____ ledger 2,000
A. reduces the number of cheques 9. The total for the purchases
that will be written during any ledger control account is _____
given period
B. provides a highly flexible A. ₦480,000
system for handling unusual B. ₦540,000
transactions C. ₦490,000
D. ₦500,000 12. What is the gross profit
margin?
10. What is the balance c/d in the
purchases’ ledger control A. 50%
account? B. 50%
C. 30%
A. ₦49,000 D. 100%
B. ₦2,000
C. ₦40,000 13. The main objective of
D. ₦8,000 accounting report is to provide
information about _____
answer questions 11 and 12. A. a company's shareholders
B. the efficacy of assets
₦ C. a company's economic
Sales 20,000 resources
Cost of sales 10,000 D. an entity’s management
Operating expenses 2,500
Expenses prepaid included in 14. If liabilities amounted to
operating expense 500 ₦12,045, other assets ₦360,800
and equity ₦26,896, the cash at
11. Calculate the net profit. hand would be _____
A. ₦7,500 A. ₦2,241
B. ₦12,500 B. ₦2,214
C. ₦10,000 C. ₦2,114
D. ₦8,000 D. ₦2,141
15. In preparing the final A. Interest received and
accounts, the Bad debt account is unpresented cheques
closed by a transfer to the _____ B. Commission and debit note
C. Interest received and direct
A. balance sheet credit
B. profit and loss account D. Unpresented cheques and
C. trading, account direct credit
D. provision for bad debts account
18. The two legally recognized
16. Given: professional accounting bodies in
₦ Nigeria are the _____
Stock (1/4/94) 800
Purchases of flour 2450
A. Nigerian Accounting
Sales 4750
Wages of bakery staff 675
Association and the Executive
Carriage outwards 50 Cost and Management
Salary of administrative staff 225 Accountants of Nigeria
Stock (31/3/95) 940
B. Institute of Certified Public
Capital 1540
Accountants of Nigeria and the
Institute of Cost and Management
Determine the cost of goods sold.
Accountants of Nigeria
C. Association of Accountants of
A. ₦12,985
Nigeria and the Institute of
B. ₦2,515
Management Accountants of
C. ₦3,925
Nigeria
D. ₦3,250
D. Institute of Chartered
Accountants of Nigeria and the
17. Which of the following is used
Association of National
to update the cashbook bank
Accountants of Nigeria
reconciliation?
19. A source document is used for 22. The concept that has much
verifying, the _____ influence over asset valuation and
income determination is _____
A. amount due from debtors
B. selling, price of goods A. entity
C. actual cost of an asset B. realization
D. amount due to creditors C. matching
D. conservatism
20. The rule of accounting
equation requires that account Use the information below to
payable should be placed under answer questions 23 and 24.
_____
On January 1 2005. a machine
A. capital was bought for N56 000 to last for
B. assets 5 years with a residual value of
C. liabilities ₦1,000
D. equities
23. Calculate the yearly
21. The double entry principle of depreciation expenses using the
accounting was developed by straight-line method.
_____
A. ₦11,200
A. William Pickles B. ₦11 000
B. Akintola Williams C. ₦11 300
C. Luca Pacioli D. ₦11,400
D. Frank Wood
24. The rate of the yearly
depreciation expense would be
_____
A. 20% B. Head office should debit goods
B. 30% sent to branch account with
C. 40% ₦10,000.
D 50% C. Head office should debit goods
sent to branch account with
25. In the trading profit and loss ₦50,000.
account of a manufacturing D. Branch should debit goods
organization, purchases is _____ received from head office with
₦10,000.
A. always the same amount as
the total factory overhead cost 27. Given:
B. equivalent to the total cost of ₦
goods manufactured Sales 4 000
C. always the same as the price Light expenses 2 900
cost Rent 15 000
D. given separately Purchases 7 500
Debtors 6 000
26. Goods worth ₦50 000 were Creditors 29 325
sent at different times from head Drawings 25
office to the branch during the Bank 400
year. By the end of the period, General expenses 1500
only ₦40 000 worth of goods had
arrived at the branch. Which of Calculate the total of the trial
the following is correct about the balance.
treatment of this transaction?
A. ₦33 325
A. Branch should debit goods B. ₦41 850
received from head office with C. 46 825
₦50,000. D. 64 300
28. Bariga, a stock broker bought 31. The major function of
stationery for ₦12 000 by cash. accounting bodies in Nigeria is to
To record this transaction, debit _____
_____
A. promote the ethics of the
A. cash and credit stationery profession
B. stationery and credit cash B. show the dynamic nature of
C. stationery and credit purchases the profession
D. purchases and credit stationery C. provide good remuneration to
the members
29. Cash discount is often D. provide proper financial
recorded on _____ management of businesses
A. the debit side of the cash book 32. Ledger account is mainly
B. the credit side of the cash book classified into _____
C. both credit and debit side of
the cashbook A. fixed and current accounts
D. the folio column of the cash B. nominal, real and personal
book accounts
C. bank and cash accounts
30. The standing order is a D. management, financial and
payment instruction given by a public sector accounting
_____
33. The historical development of
A. customer to a fellow customer accounting reveals that it _____
B. bank to an employee
C. hank to the customers A. is an ideal subject for financial
D. customer to the bank development
B. is a product of its own D. Jide ₦12,000 and credit
environment purchases ₦12,000
C. deals with debit and credit of
items 36. Given:
D. is a product of financial Cash Book
development ₦ ₦
Capital 2,600 Purchases 15,000
Sales 28,200 Rent 1,250
34. In a trial balance. income and
Motor vehicle 7,600
liabilities are _____
Determine the bank balances.

A. credited
B. credited and debited
A. ₦6,950 credit
respectively
B. ₦6,000 credit
C. debited
C. ₦6,000 debit
D. debited and credited
D. ₦6,950 debit
respectively
37. Accounting information seeks

35. Ibrahim, a micro business
to provide _____
operator, sold 10 bags of sugar to
Jide at total cost of ₦12 000. The
A. analysis of accounts to trade
record in Jide’s book would be to
debtors
debit _____
B. permanent records for all
transactions.
A. purchases ₦12 000 and credit
C. audited reports on the
sugar account ₦12 000
accounts of a company.
B. purchases ₦12,000 and credit
D. data about the employees of a
Ibrahim ₦12,000
company
C. Ibrahim ₦12,000 and sugar
account ₦12,000
38. When the debit side total of point when the sale is deemed to
an account exceeds the credit have been made is _____
side total while balancing an
account, it means that the A. matching
account has _____ B. consistency
C. going concern
A. debit balance D. realization
B. credit balance
C. been understated
D. been overdrawn
39. One of the differences

between bookkeeping and
accounting is that the former
_____
A. records data while the latter

interprets it.
B. is regarded as the language of
the business while the latter
ascertains its strength
C. interprets data while the latter
records it
D. summarizes information while
the latter communicates it.
40. The concept which states that

revenue should recognized at the
DISCLAIMER
These are not JAMB expo questions for this year,
but past questions of previous years.
You are advised to study these past questions
and know their correct answers as well as how
the answer to each question was gotten to be
well-prepared for your JAMB exam.
Speaking of which,
Would you like to download this JAMB Accounting
past questions & answers with step-by-step
explanation for each correct answer?
Click on the link below...

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Paper Type: D B. Credited

3. In a trial balance, income and The correct procedure for

A. debited and credited A. II, I and III

A. clearing A. III and V

13. In a bank reconciliation 15. Find the current assets.

A. repairs on building purchased at ₦95

Depreciation of vehicle (cost ₦5000) 10%

A. partly manufactured goods A. to use accumulated fund to

A. entity fund 35. The cost method of charging

38. Goods invoiced to a branch Keme and Kemi are in

46. Which of the following 49. The chief accounting officer of

48. Which of the following is a

PAPER TYPE: YELLOW D. effective preparation of

A. sugar account N12,000 and

B. Jide ₦12,000 and credit sales B. ₦6,950 debit

account ₦12,000 C. ₦ 6,000 credit

C. Ibrahim 412,000 and credit D. ₦ 6,000 debit

credit Ibrahim ₦ 12,000 dishonoured cheques will be

8. The record in Jide's book would

A. purchases N12,000 and credit C. cash column (debit)

Ibrahim ₦12,000 D. cash column (credit)

11. The 5% discount shown Cashbook balance ₦5000

Use the information below to

31. The excess revenue over A. expenses are shared

Determine the balance. _____

A. 415,000 debit A. ₦3, 800

Use the information below to A. Using the partners' profit and

A. debit goodwill ₦15,000, cash 42. Given:

A. Market fees A. National Assembly

49. The Petroleum Technology

PAPER TYPE: U B. been understated

6. The total credit sales for a 9. The corresponding entry of

A. cash book A. credit real accounts

7. The major source document 10. Alaka who owed Saka

A. Maintenance of office machine 11.

Use the information below to 17. Given:

1/1/2010 31/12/2010 A. ₦2,000

1/1/2007 A. goods available for sale

sale, the difference between the

28. Determine the prime cost.

29. In manufacturing account, the A. Direct materials

34. A partnership's internal 37. The purchase consideration

Rate expenses of ₦1,500 are 43. Which of the following is the

40. The gross profit for K is _____ A. Share premium

CHECK YOUR ANSWERS

Calculate the liabilities of the local

50. An instrument which allows

PAPER TYPE: S the point when the sale is deemed

A. private, sales and purchases 10. Given:

16. The formula for calculating 19. If machine X cost ₦600,000

17. The major focus of the trading D. ₦202,000

account is to show _____

A. net profit answer questions 20 and 21.

18. If goods were bought from Prepaid expenses 290

Tanko at a cost price of ₦9,000 Accrual expenses 323

with a cash discount of 5%, how Stock 4,500