2016 - JAMB Accounting Past Questions and Answers - page 1
1
Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000
Determine the balance as per bank statement.
A
# 1,978
B
# 1962
C
# 1,522
D
# 2,522
2
The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?
A
#184, 000
B
#196,500
C
#212,000
D
#168,500
3
The major advantage of the journal proper is that it
A
helps in the preparation of the balance sheet
B
prevents fraud and theft of item of the business
C
serves as a book of instruction to the bookkeeper
D
help the banking industry to be efficient
4
Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is
A
# 60,700
B
#23,500
C
#60,500
D
#82,500
5
One of the objectives of accounting is that it can be used for
A
business decision making
B
due process in business
C
motivating employees
D
determining the work force
6
The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a
A
return on capital employed
B
gross profit margin
C
net profit margin
D
return on equity
7
The instrument used in analysis and interpretation of financial statement is the
A
accounting ratios
B
income and expenditure extract
C
balance sheet extract
D
found accounting
8
An item in the balance sheet of a limited liability company is
A
accrued expenses
B
lighting and heating
C
salaries and wages
D
general expenses
9
The documents that provide instant information to firms on their tranactions with banks are
A
bank statement and debit note
B
cheque book and cashbook
C
cheque stub and deposit slip
D
payslip and credit invoice
10
Which of the following is the capital reserve of a company?
A
Accumulated depreciation
B
Retained profit
C
Share premium
D
Loss on forfeited shares
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