2015 - JAMB Accounting Past Questions and Answers - page 5
41
The ledger entries to be made if cash sales is banked is debit
A
cash, credit sales
B
sales, credit cash
C
bank, credit cash
D
bank, credit sales
correct option: d
Users' Answers & Comments42
In a bank reconciliation statement, Dishonoured cheques is added to
A
unpresented cheques
B
uncredited cheques
C
statement of account
D
aggregate balanace as per cash book
correct option: b
dishonoured cheques are added to uncredited cheques just like standing order and bank charges.
Users' Answers & Comments43
Which of the following is a debit entry in debtors control account?
A
discount allowed
B
return inwards
C
credit sales
D
cash from debtors
correct option: c
Users' Answers & Comments44
Which of the following is not a proper form of the accounting equation
A
fixed assets + current assets - liabilities = capital
B
fixed assests + current assests + liabilities = capital
C
fixed assets – liabilities + current assets = capital
D
fixed asset + current asset – capital = liabilities
correct option: b
Users' Answers & Comments45
The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention
A
marching
B
consistency
C
realization
D
prudency
correct option: d
Users' Answers & Comments46
What does liquidity ratio measure?
A
measures operating efficiency of a company
B
measures the ability of a company to meet its current obligations.
C
measures the value of investments of a company
D
measures the financial leverage of a company
correct option: b
liquidity ratio attempt to measure the ability to meet up with current obligations e.g. current ratio which measures the current asset to current liabilities.
Users' Answers & Comments47
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
A
28 days
B
42 days
C
27 days
D
23 days
48
The following accounting entries are made when bad debt is recovered
A
debit bad debts accounts and credit bad debt recovered account
B
debit debtors accounts and recovered account
C
debit bad debts recovered account and credit bad debts account
D
debit bad debts account and credit profit and loss account
correct option: b
Users' Answers & Comments49
One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?
A
objects and their alteration
B
location of business
C
bank signatories
D
powers of directors
correct option: c
Users' Answers & Comments50
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
A
conversion
B
control
C
allocation
D
analysis
correct option: b
Users' Answers & Comments