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JAMB ACCOUNTING QUESTIONS AND ANSWERS.
- The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts?
- are not important in cashbooks.
- are cash items only.
- do not form part of double entry.
- are used for bank reconciliation.
2 When is a petty cash account debited?
- When the fund is established and every time money is spent.
- When the fund is established and every time it is replenished.
- When the fund is established and when the size of the float is decreased.
- Every time money is drawn from the petty cash.
3 When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
- Bank charges.
- Uncleared cheques.
- Returned cheques.
- unpresented cheques.
4.The financial position of an organization at a particular time can be ascertained from the?
- statement of sources and application of funds
- statement of retained earnings
- balance sheet
- profit and loss account
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000
What is the cost of goods sold?
6.The net profit or loss for the year is determined in profit and loss account after?
- deducting purchases from sales
- deducting cost of goods sold from sales and adding administrative expenses
- adding commissions received to gross profit
- eliminating all expenses from gross profit and adding any other income
- If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
- income in the profit and loss account
- income in the balance sheet
- additional cash in the profit and loss account
- expense in the balance sheet
- 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
- From which of the following sources are creditors control account most likely to be posted?
- supplier’s invoices
- cash disbursements journal
- subsidiary debtors ledger
- purchases journal
10 Which of the following categories of labour cost will be classified as direct?
- accountant’s salary
- factory workers’ salary
- managing director’s salary
- cashier’s salary
- Under which of the following conditions is a partnership dissolved?A. Change of partnership’s head office
B. admission of a new partner
C. Purchase of a large quantity of fixed asset
D. Retirement of a manager who is not a partner
- when shares issued are paid for, accounting entry required is?
- debit bank or cash account and credit share capital and/or premium account
- credit bank or cash account and debit share capital and/or premium account
- debit shares account and credit capital account
- credit shares account and debit capital account
- A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the nominal value of each share?
- A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued.
What is the issued capital?
- The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
- memorandum of association
- article of association
- company law
- The term “accounting period” is used to refer to the
- time span during which taxes are paid to the inland revenue board
- budget period, usually one year, relied on by the accountant
- time span, usually one year, covered by financial statement
- period within which debtors are expected to settle accounts.
- Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
- passing of entries
- consistency convention
- matching concept
- adjusting for revenue
- The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed
- Accounting information is used by investors and creditors of a company to predict
1. future cash flows of the company
2. future tax payments of the company
3. potential merger candidates for the company
4. appropriate remunerations for the company’s staff
- Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?
- Debit generator account and credit cash account
- Debit purchases account and credit cash account
- Debit cash accounts and credit purcUhases account
- Debit cash account and credit generator account.
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