Account JAMB Past Questions and Answers 2019

1. The double entry principle of accounting was developed by

2. Staff position in an organization borders on

3. The basic role of accounting is to

4. A source document for the sales day book is

5. Calls in advance are treated in the balance sheet as

6. Use the information below to answer questions
Dauda Nig Ltd invoiced goods at a cost of #10,000 to its Apapa branch at a margin of 20%. The branch later returned goods worth #1,200 at invoice price to the head office.

The profit margin should be

7. Use the information below to answer questions
Dauda Nig Ltd invoiced goods at a cost of #10,000 to its Apapa branch at a margin of 20%. The branch later returned goods worth #1,200 at invoice price to the head office.

What is the correct entry in the head office books at the point of initial transfer of the goods?

8. Which of the following accounts is kept by local governments in Nigeria?

9. In order to make the cash book balance equal to the bank statement, it is usual to add

10. Papilo Limited with three departments has a total of #7,200,000 as net debtors for the year ended 3/12/2017. The company's policy provides for 15% bad debts annually. Which of the following represents the total balance of debtors before adjustment?

11. One of the shortcomings of single entry procedures is that

12. A cash book had opening balance of #15,200, closing balance of #18,400 and total cash received during the period is #36,000. What was the amount of cash paid out during the same period?

13. Cost accounting entails the provision of information

14. Partner's salaries and drawings are usually posted to the

15. An entry in a subsidiary book which does not form part of the double entry system is

16. Use the information below to answer questions

Statement of Assets and Liability as at 31/12/2017

(m)

Shareholders' interest                       240

Current liabilities                             20

Current assets                                  110

Fixed assets                                      140

What is the net working capital?

17. Use the information below to answer questions

Statement of Assets and Liability as at 31/12/2017

(m)

Shareholders' interest                       240

Current liabilities                             20

Current assets                                  110

Fixed assets                                      140

Determine the value of the trade investment.

18. Determine Concise Statement used to explain entries in the general journal is known as

19. Verifiability in accounting is only possible when there are

20. Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

Use the information below to answer questions

21. Motor Vehicle Account as at 31s! December, 2001.

Debit:

January 1, Cost                                 #1,950,000

Dec. 1, Depreciation                             #4,000,000

Credit:

Jan. 1, Depreciation                             #1,360,000

June 30, Sales Proceeds.                     #700,000

The vehicle sold was purchased on January 1,

1998 at a cost of #1,000,000 and had depreciation at 25% on cost.

Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31s December, 2003?

Use the information below to answer questions

22. Motor Vehicle Account as at 31s! December, 2001.

Debit:

January 1, Cost                                 #1,950,000

Dec. 1, Depreciation                             #4,000,000

Credit:

Jan. 1, Depreciation                             #1,360,000

June 30, Sales Proceeds.                     #700,000

The vehicle sold was purchased on January 1,

1998 at a cost of #1,000,000 and had depreciation at 25% on cost.

What is the actual profit or loss arising from the vehicle disposed of?

23. In a control account, provision for bad debts is found on the

24. Given: Micano Social Club

Cash                                       #100,000

Loan                                       #30,000

Subscription in arrears       #5,000

Subscription in advance     #15,000

What is the accumulated fund?

25. In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded as a

26. Where the debit side of the income and expenditure account is higher than the credit side, the difference is a

27. A rent received by a trader for sub-letting part of his business premises should be added to the

28. Goods withdrawn from business for private use are credited to

29. Earnings per share is a measure of

30. The concept that has much influence over asset valuation and income determination is

31. Given:

Liability                             #23,700

Current assets                #20,300

Fixed assets                    #64,500

What is the capital introduced by the proprietor?

32. In a three-column cash book, the discount allowed is shown on the

33. If the assets and liabilities of a firm were valued at #17,200 and #5,120 respectively, the capital of the firm would be

On January 1* 2005, a machine was bought for*56,000 to
Last for 5 years with a residual value of#1,000.

34. Calculate the yearly depreciation expense using the straight line method.

On January 1* 2005, a machine was bought for*56,000 to
Last for 5 years with a residual value of#1,000.

35. The rate of the yearly depreciation expense would be

36. The rate of the yearly depreciation expense would be

37. Debtors                                               #20,000

Provision for bad debts                   10%

Provision for discount on debtors 5%

The provision for bad debt is

38. A sole trader purchased goods in cash worth #2,000 at 2% discount and made a cash sale of #1,000 at the same rate of discount. Determine the amount of discount allowed.

39. Adedibu, a stock broker, bought stationery for #12,000 by cash. To record this transaction, debit

40. Which of the following items are current assets?