1998 - JAMB Accounting Past Questions and Answers - page 1
1
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
A
Ist September, 1960
B
Ist October, 1960
C
Ist October,1963
D
Ist , September,1965
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2
Cost reports for the intention of management should reflect?
A
as much details as possible
B
summary figures only
C
details of non-controllable expenses
D
cost and comparable data useful in decision-making
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3
Responsibility accounting is particularly concerned with?
A
histoical accounting
B
controllable costs
C
storekeeping
D
valuation of stock
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4
An advantage of the use of the voucher system is that it?
A
reduces the number of cheques that will be writen during any given period
B
provides a highly flexible system for handling unusual transactions
C
provides a comprehensive record of business done with particular suppliers
D
ensure that every expenditure is reviewed and verified before payment is made
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5
A business transaction is recorded in the books of account when the?
A
owner of the business invests his N10,000 in another company
B
business retains part of ofits profits for future expansion purposes
C
business invest applies for overdraft facilities from its bankers
D
owner of the business collects N5,000 from the accountant
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6
When a transaction causes an assets account to increase, there is?
A
a decrease of equal amount inthe owner's equity account
B
an increase in a liability account
C
an increase of equal amonut in another assets account
D
a decrease of equal amount in a liability account
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7
N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000
In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000
In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
A
N147,910
B
N138,500
C
N88,500
D
N85,800
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8
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
A
an acquistion of fixed assets
B
an expenses in its general office expenses account
C
an acquistion of stock
D
a part of capital in the capital account
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9
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
A
overstate income this year and understate in next year
B
understate income this year and overstate in next year
C
understate this year's income with no effect on the next year's
D
overstate the income for the two-year period
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10
The total of the discounts received column in the cash book is posted to the?
A
credit of the discounts received account
B
debit of the discounts allowed account
C
credit of the discounts allowed accoun
D
debit of the discounts received account
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