Account JAMB Past Questions and Answers 2022

1. The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed.

2. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

3. Beginning and ending accounts receivable balances were #8000 and #15,000 respectively. If collections from customers during the period were A36 000, then total sales in account would be…

4. Which of the following categories of labour cost will be classified as direct?

5. The receipts from a special tax levy to pay maturing interest obligation are recorded in

6. The cash basis of accounting recognises revenues when cash is received, and expenses when they are

7. The amount of individual items on a government budget is called

8. Which of the following concepts stipulates that accounting profit is the difference between revenue and expenses?

9. Given:

Motor van            —  #3,600;
Premises              —  #5,000;
Loan from R.
Nnamdi               —  #1,000;
Cash at bank       —  #1,650;
Stock of goods    — #4,800;
Creditors             —  #2,560;

Cash at hand - #250 and debtors №6,910. Calculate the capital figure.

10. Sales ledger control account contains the total amount in respect of ……

11. Which of the following ratios gives an idea of the liquidity of a firm?

12. The measure of a company's ability to pay its debts quickly is called ……

13. The document used to acknowledge the acceptance of the return of goods by the seller from buyer is known as

14. The instruments that are generated when firms enter into business transactions with others are called …

15. Erroneous rearrangement of financial figures such as writing #624 as #264 is called …

16. On the 30/5/93, Tade & Co. paid 2 years rent of #50 000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?

17. The process of allocating the cost of an intangible assets over its useful life is known as

18. The principal use of control accounts is to

19. The total of the creditors at the beginning of the year was #4,600 and at the end of the year #5,250. During the year, #26,500 was paid to suppliers and#130 was received in discounts from these suppliers. The purchases for the year would be

20. The Act establishing the Institute of Chartered Accountants of Nigeria (ICAN) came into force on

21. Cost reports for the intention of management should reflect…

22. Responsibility accounting is particularly concerned with?

23. An advantage of the use of the voucher system is that it…

24. When a transaction causes an assets account to increase, there is…

25. The contribution marginal on a job is the …

26. Which of the following is an intangible asset and a measure of a firm's superior earning power?

27. The price paid by an acquiring company is the…

28. The basic role of accounting is to

29. A basic unifying concept in accounting implies that

30. Lawal and Co. makes blocks and sells to builders. In computing prime cost, which of the following costs would be considered appropriate?

31. Calls in advance are treated in the balance sheet as …

32. Which of the following is an example of intangible assets?

33. A source document that aids the ascertainment of amount paid out of current account is the

34. Which of the following items does not feature in the balance sheet of a club?

35. The most appropriate basis for apportioning inventory holding cost among departments is to use the value of …

36. When a bill is negotiated to a bank, it is said be?

37. For an incomplete record to provide necessary information, it must be converted to?

38. Partners' salaries and drawings are usually posted to the?

39. The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the

40. In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?