2001 - JAMB Accounting Past Questions & Answers - page 1

1
The current growth in the volume of trading and financial dealings in Nigeria is helped by?
A
increased financial activities
B
government intervention
C
credit as a factor in business
D
payment for goods in cash
CORRECT OPTION: a
2
Cost accounting entails the provision of information?
A
for investment purposes
B
for descision making
C
to shareholders
D
to stockholders
CORRECT OPTION: b
3
The main objective of accounting report is to provide information about?
A
a company's shareholding
B
an entity's management
C
the efficacy of assets
D
a company's economic resources
CORRECT OPTION: b
4
If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?
A
N2,241
B
N2,214
C
N2,141
D
N2,114
CORRECT OPTION: c
5
Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

What is the cash balance?
A
N12,095
B
N12,590
C
N12,905
D
N12,950
CORRECT OPTION: d
6
Use the information below to answer question.
Given:

Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000

Determine the total of the trial balance?
A
N335,050
B
N333,050
C
N323,050
D
N230,550
CORRECT OPTION: b
7
The accuracy of journalist is checked by?
A
ensuring that debit totals equal credit totals
B
posting all journal entries to ledger accounts
C
adding all figures in the debit column
D
comparing accounts in the ledger against the journals
CORRECT OPTION: d
8
Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?
A
N250
B
N570
C
N600
D
N850
CORRECT OPTION: c
9
A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?
A
N17,800
B
N19,600
C
N29,200
D
N32,800
CORRECT OPTION: d
10
In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?
A
N360
B
N355
C
N350
D
N305
CORRECT OPTION: a
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