2008 - JAMB Accounting Past Questions and Answers - page 1
1
One of the major features of bookkeeping is that it?
A
provides permanent records for all financial transactions
B
is futuristic in nature
C
accpets responsibility for all wrong postings
D
does not give room for double entry procedures
correct option: a
Users' Answers & Comments2
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
A
Conservatism
B
Historical
C
Monetary
D
Cost
correct option: a
Users' Answers & Comments3
A financial analyst needs accounting information to?
A
maintain the production section of the business
B
know why transactions cause increase and decreases in assets
C
advise on how to manage the business
D
know how to record transaction in T account
correct option: c
Users' Answers & Comments4
One basic assumption of the double entry theory is that it allows?
A
two credit entries at the same time
B
two debit entries at the same time
C
debit and credit two credit entries at the same time
D
debit and credit two credit entries in corresponding account
correct option: d
Users' Answers & Comments5
Given:
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?
A
N64 300
B
N46 825
C
N41 850
D
N33 325
correct option: d
Users' Answers & Comments6
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?
A
cash and credit stationery
B
purchase and credit stationery
C
stationery and credit cash
D
stationery and credit purchases
correct option: c
Users' Answers & Comments7
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
A
i and v
B
ii and iv
C
ii and vi
D
iii and iv
correct option: d
Users' Answers & Comments8
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
A
i and ii
B
i and v
C
ii and iv
D
iii and v
correct option: a
Users' Answers & Comments9
Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?
A
N71 250 credit
B
N71 250 debit
C
N95 000 credit
D
N95 000 debit
correct option: a
Users' Answers & Comments10
An entry made in bank column of cash book to record movement of cash between the office and the bank is the?
A
real entry
B
special entry
C
direct entry
D
contra entry
correct option: d
Users' Answers & Comments