2016 JAMB Accounts Past Questions & Answers - page 1

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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

Correct Option: D

No further explanations yet...

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

Correct Option: D

No further explanations yet...

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

Correct Option: B

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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

Correct Option: C

No further explanations yet...

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

Correct Option: A

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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

Correct Option: A

No further explanations yet...

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

Correct Option: A

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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

Correct Option: A

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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

Correct Option: A

No further explanations yet...

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

Correct Option: B

No further explanations yet...

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