2011 JAMB Accounts Past Questions & Answers - page 1

1

The historical development of accounting reveals that it?

A

deals with debit and credit of items

B

is a product of financial development

C

is a product of its own evironmnent

D

is an ideal subject for finacial development

↪ Solution

Correct Option: A

No further explanations yet...

2

In a trial balance, income and liabilities are?

A

debited and credited respectively

B

credited

C

credited and debited respectively

D

debited

↪ Solution

Correct Option: B

No further explanations yet...

3

The principle of double entry system ensures?

A

mathematical accuracy in trial balance

B

balances at the bank

C

increase in the assets and liabilities

D

balance of cash account

↪ Solution

Correct Option: A

No further explanations yet...

4

i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure

The correct procedure for balancing account is?

A

ii, i and iii

B

i, iii and ii

C

ii, iii and i

D

i, ii and iii

↪ Solution

Correct Option: B

No further explanations yet...

5

Given:

Light expenses...................N400
Purchases........................N3,000
Sales............................N1,200
Creditors........................N2,250
Debtors..........................N50

Calculate the total of the trial balance?

A

N4,250

B

N3,500

C

N4,300

D

N3,450

↪ Solution

Correct Option: D

No further explanations yet...

6

The major feature of a journal is that it has?

A

six columns, date, particulars, folio, amount, debit and credit

B

five columns, date particulars, folio, debit and credit

C

three columns, date particulars and folio

D

four columns, date particulars, folio and amount

↪ Solution

Correct Option: B

No further explanations yet...

7

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

A

debtors' account

B

creditor's account

C

suspense account

D

ledger account

↪ Solution

Correct Option: B

No further explanations yet...

8

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Find the total amount paid?

A

N260

B

N300

C

N200

D

N380

↪ Solution

Correct Option: B

No further explanations yet...

9

Use the information below to answer question .

Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.

Calculate the cash discount?

A

N60

B

N90

C

N40

D

N100

↪ Solution

Correct Option: A

No further explanations yet...

10

In bank reconciliation process, discrepancies cause by timing arises as a result of?

A

cash book bank statement

B

bank statement only

C

cash book, bank statement and other incidental records

D

cash book only

↪ Solution

Correct Option: A

No further explanations yet...

2011 JAMB Accounts Past Questions & Answers - page 1

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