2008 JAMB Accounts Past Questions & Answers - page 1

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1
A financial analyst needs accounting information to?

A
maintain the production section of the business
B
know why transactions cause increase and decreases in assets
C
advise on how to manage the business
D
know how to record transaction in T account

Correct Option: C

No further explanations yet...

2
One basic assumption of the double entry theory is that it allows?

A
two credit entries at the same time
B
two debit entries at the same time
C
debit and credit two credit entries at the same time
D
debit and credit two credit entries in corresponding account

Correct Option: D

No further explanations yet...

3
Given:

Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500

Calculate the total of trial balance?

A
N64 300
B
N46 825
C
N41 850
D
N33 325

Correct Option: D

No further explanations yet...

4
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

A
cash and credit stationery
B
purchase and credit stationery
C
stationery and credit cash
D
stationery and credit purchases

Correct Option: C

No further explanations yet...

5
Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?

A
i and v
B
ii and iv
C
ii and vi
D
iii and iv

Correct Option: D

No further explanations yet...

6
Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

A
i and ii
B
i and v
C
ii and iv
D
iii and v

Correct Option: A

No further explanations yet...

7
Given:

................Cash Book........................

Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400

Find the bank balance?

A
N71 250 credit
B
N71 250 debit
C
N95 000 credit
D
N95 000 debit

Correct Option: A

No further explanations yet...

8
An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

A
real entry
B
special entry
C
direct entry
D
contra entry

Correct Option: D

No further explanations yet...

9
Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

A
debited with N10 000
B
credited with N10 000
C
debited with N500
D
credited with N500

Correct Option: C

No further explanations yet...

10
Commission-on-turnover is charged on?

A
current accounts only
B
savings accounts only
C
fixed deposit accounts only
D
all bank accounts

Correct Option: A

No further explanations yet...

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