2013 - JAMB Accounting Past Questions & Answers - page 1

1
Accounting information seeks to provide
A
permanent records for all transactions
B
analysis of accounts to trade debtors
C
audited reports on the accounts of a company
D
data about the employees of a company
CORRECT OPTION: a
2
When the debit side total of an account, t means that the account has
A
been overdrawn
B
been understand
C
debit balance
D
credit balance
CORRECT OPTION: c
3
July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them

The double entry for July 1 would be
A
debit capital and credit cash
B
credit cash and debit bank
C
debit cash and credit capital
D
debit purchases and credit cash
CORRECT OPTION: c
4
July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them

The double entry for July 31 would be
A
debit Agromachinex and credit cash
B
debit equipment and credit Agromachinex
C
credit capital and debit cash
D
credit cash and debit purchases
CORRECT OPTION: a
5
The total credit sales for a period can be extracted from the
A
cash book
B
sales day book
C
petty cash book
D
returns inwards
CORRECT OPTION: b
6
The major source document which enables an employer to calculate the employee wages is the
A
nominal roll of employees
B
record of number of hours worked
C
effort of the employee
D
record of number of dependants per employee
CORRECT OPTION: b
7
Which of the following items is a capital expenditure?
A
Maintenance of office machine
B
Purchase of office stationery
C
Carriage inwards
D
Purchase of office machinery
CORRECT OPTION: d
8
The corresponding entry of personal accounts found in the debit side of the cash is to
A
credit real accounts
B
debit real accounts
C
credit the ledger
D
debit the ledger
CORRECT OPTION: c
9
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
A
discount recieved account and credit Alaka's account
B
Alaka's account and credit discount recieved account
C
Saka's account and credit discount recieved account
D
discount allowed account and credit Alaka's account
CORRECT OPTION: d
10
1. The amount of the imprest is the same from one organization to another
11.At the end of a fixed period, the petty cashier received a fixed sum of money.
111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
1V. The system is a method by which a measure of control is kept on petty cash expenses.

Which of the above is correct about the imprest system?
A
1, 11 and 111
B
1, 111 and 1V
C
11 and 1V
D
111 and 1V
CORRECT OPTION: c
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