2009 - JAMB Accounting Past Questions & Answers - page 1

1
Which of the following branches of accounting was first developed?
A
Cost accounting
B
Financial acounting
C
Management accounting
D
Petroleum accounting
CORRECT OPTION: b
2
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
A
accruals
B
materiality
C
objectivity
D
periodicity
CORRECT OPTION: a
3
The process of bookkeeping includes records produced from?
A
ledgers
B
source documents
C
minutes of meeting
D
imtuitive reasoning
CORRECT OPTION: c
4
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
A
telephone N3,500 credit XYZ and KLM, N3,500
B
telephone N3,500, credit cash N3,500
C
sundries N3,500, credit KLM N3,500
D
sundries N3,500, credit telephone N3,500
CORRECT OPTION: b
5
Given:

Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000

What is the total debit for the trial balance?
A
N4 690 000
B
N2 620 000
C
N2 520 000
D
N1 565 000
CORRECT OPTION: c
6
If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?
A
increase in assets and increase in capital
B
increase in assets and decrease in capital
C
decrease in capital and increase in assets
D
decrease in capital and decrease in assets
CORRECT OPTION: d
7
Use the information to answer below to answer questions 7 and 8.

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

What are the current liabilities?
A
i and ii
B
iv and v
C
iii and v
D
ii and iv
CORRECT OPTION: b
8
Find the fixed assets?
A
i, ii and v
B
i, ii and iv
C
i, ii and iii
D
iii, iv and v
CORRECT OPTION: c
9
Use the information above to answer question 9 and 10.

Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780

Period 2:
........Petty cashier pays out............N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?
A
160
B
840
C
1000
D
1040
CORRECT OPTION: d
10
What is the balance of cash with the petty cashier at the end of period 1?
A
220
B
780
C
980
D
1780
CORRECT OPTION: a
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