Account JAMB Past Questions and Answers 2020

1. Which of the following is an exchange of intangible asset?

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

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

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

5. If liabilities amounted to N12,045, other assets #36,800 and equity #26,896; the cash at hand would be

6. A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a

7. Use the information below to answer questions

Given:

PTF Trial Balance (Extract) as at 31" December, 1999.

Dr                 Cr

#'000            #'000

Cash                                    2,000

Investments                        3,000

Accounts receivable           6,000

Fund balance                                          11,000

11,000          11,000

If only 1/3 , of the investments is sold for #2m and #5m realised from the accounts receivable, what will be the balance of the fund?

8. Use the information below to answer questions

Given:

PTF Trial Balance (Extract) as at 31" December, 1999.

Dr                 Cr

#'000            #'000

Cash                                    2,000

Investments                        3,000

Accounts receivable           6,000

Fund balance                                          11,000

11,000          11,000

Assuming all the investments realised is N4m, what will be the ending fund balance?

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

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

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

12. Use the information below to answer questions

#

Materials consumed                                     16,600

Direct cost                                                       5,400

Factory rent                                                    2,300

Factory lighting                                               1,200

Cost of production to be transferred at cost plus

20% mark-up.

The market value of goods produced is

13.  

Use the information below to answer questions

#

Materials consumed                                     16,600

Direct cost                                                       5,400

Factory rent                                                    2,300

Factory lighting                                               1,200

13.  

Cost of production to be transferred at cost plus

20% mark-up.

The gross profit on manufacture is

14. The rule of accounting equation requires account payable should be placed under

15. The imprest account is subsidiary to the

16. Where closing stock is undervalued, the effect is

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

18. #

Capital                                     ?

Profit and loss                       3,500

Current assets                       ?

Current liabilities                  2,000

Fixed assets                            11,000

The company maintains a current ratio of 3:1.

The capital balance is

19. #

Capital                                     ?

Profit and loss                       3,500

Current assets                       ?

Current liabilities                  2,000

Fixed assets                            11,000

The company maintains a current ratio of 3:1.

19. Determine the current assets

20. After receiving the financial statement, the Auditor-General of the Federation must submit a report to the National Assembly within

21. Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

22. Adaobi mistakenly entered #7,000 as credit sales in Abba's account instead of Baba's account. This is

23. #

Motor van                10,000

Fixtures                     5,000

Creditors                   2,500

Loan                              ?

Loan is 30% of creditors.

What is the capital balance?

24. #

Motor van                10,000

Fixtures                     5,000

Creditors                   2,500

Loan                              ?

Loan is 30% of creditors.

The amount of the loan is

25. An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the

26. A pension granted to any past president or vice-president shall be charge to the

27. The fourth stage of the accounting information system is

28. Use the information below to answer questions 28 and 29.

Debtors                                                           #20,000

Provision for bad debts                                10%

Provision for discount on debtors               5%

Determine the amount provided for discount allowed on debtors.

Use the information below to answer questions

29. Debtors                                                           #20,000

Provision for bad debts                                10%

Provision for discount on debtors               5%

The provision for bad debt is

30. Use the information below to answer questions

#                                 #

Capital            12,700 Purchases      7,100

Debtors            4,000 Stationery        1,900

Sales                2,400 Wages             1,230

The owner wishes to maintain an account equal

to 3/4 of capital as drawings.

What is the amount withdrawn?

31. Use the information below to answer questions

#                                 #

Capital            12,700 Purchases      7,100

Debtors            4,000 Stationery        1,900

Sales                2,400 Wages             1,230

The owner wishes to maintain an account equal

to 3/4 ofcapital as drawings.

Determine the closing balance of the cash book.

32. The factors that determine the periodic depreciation charge are

33. Which of the following is among the categories of government cash book?

34. The accounting convention which states that the performance of a business should be determined by matching all expenses against all revenue is

35. The costs incurred by departments that support the production department with such activities as maintenance, production control and storage are called

36. The provision for bad and doubtful debts in companies' final accounts is treated as

37. Which of the following is mostly used in treating partner's current earnings?

Use the information below to answer questions
I. Stock of goods II. Furniture III. Creditor IV. Cash
at bank V. Loan from the bank.

38. Determine the current liabilities.

Use the information below to answer questions
I. Stock of goods II. Furniture III. Creditor IV. Cash
at bank V. Loan from the bank.

39. Fund the current assets.

40. Which of the following signs general warrant for the release of money from the consolidation revenue fund?