1999 JAMB Accounts Past Questions & Answers - page 1

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1
Accrual concept stipulates that?

A
revenue should be recognized when it is earned
B
costs should be recognized when the expenditure is paid
C
revenue should be recognized only when cash is paid
D
costs should be recognized when the are incurred

Correct Option: A

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2
The basic role of accounting is to?

A
detect fraud
B
attest to finacial statements
C
measure performance
D
protect sharehlders

Correct Option: B

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3
The need for changes in accounting theory in Nigeria was influenced by the?

A
dynamics of commercialization and privatization policies
B
growh in size of business units
C
introduction of the structural adjustment programme
D
inconvertibility of the nation's currency

Correct Option: B

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4
A bookkeeping error occurs when there is?

A
a deliberate manipulation of records
B
unintentional correct posting in the ledger
C
intentional failure to record transactions completely
D
incorrect records and oversights that are not intended

Correct Option: D

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5
When a proprietor withdraws cash from the business for private use, he?

A
debits cash account and credits drawings account
B
credits cash account and debits bank account
C
debits bank account and credits drawings account
D
credits cash account and debits drawings account

Correct Option: D

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6
A basic unifying concept in accounting implies that?

A
where creditors'account is zero, the assets are equal to the owners' equity
B
there should be a balance in the creditors' account in order to measure total assets
C
revenues should be supported by invested and owners'capital
D
total assets can be less than liabilities and equity

Correct Option: A

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7
A source document for the sales day book is?

A
a requisition form
B
an invoice
C
a customer advice
D
a credit advice

Correct Option: B

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8
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

A
N8,900
B
N9,800
C
N14,600
D
N16,400

Correct Option: D

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9
If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?

A
They must be balanced in the cash book and the difference taken to the debtors ledger
B
They must be balanced in the cash book and the difference taken to the trial balance
C
They should not be balanced in the cash book before being taking to the trial balance
D
They should not appear in the trial balance as they were already either received or paid out

Correct Option: D

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10
Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

A
Outstanding cheques
B
Bank service charges
C
Deposit in the mail not yet received by the bank
D
Bank error, charging a company for another company's cheque

Correct Option: D

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