Account JAMB Past Questions and Answers 2021

This free online resource is designed to help prospective JAMB exam candidates sharpen their skills through practicing JAMB past questions. The platform offers a user-friendly interface and a vast collection of carefully selected multiple-choice questions. After completing the questions, students can review their answers.

Using this platform, students can pinpoint their weaknesses and enhance their subject knowledge. By consistently working on these past questions, even first-time test takers can become more confident in JAMB account topics and increase their chances of passing the exam.

The results page displays both the questions that were answered correctly and those that were answered incorrectly, enabling students to focus on areas that need improvement. This comprehensive and free resource serves as the ideal tool for JAMB candidates aiming to excel in account subjects.

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Account JAMB 2021

Click START to begin. It is 40 questions.

1 / 40

Category: JAMB Past Questions: Principles of Account 2021

1. Which of these is a content of a master file?

a. All records relevant to the organization

b. Records of assets of the organization

c. A. All records relating to employees

d. A collection of data items

2 / 40

Category: JAMB Past Questions: Principles of Account 2021

2. The transfer of money from one sub-head to another in the public sector is ……

a. budgeting

b. vote

c. virement

d. allocation

3 / 40

Category: JAMB Past Questions: Principles of Account 2021

3. Which of the following is a source of local government revenue?

a. Loan and grant

b. Excise duties

c. Market dues

d. Import duties

4 / 40

Category: JAMB Past Questions: Principles of Account 2021

4. . Assets which are readily convertible into cash are termed as…

a. fixed assets

b. tangible assets

c. intangible assets

d. liquid assets

5 / 40

Category: JAMB Past Questions: Principles of Account 2021

5. Which of the following is not a book of original entry?

a. general ledger

b. cash account

c. purchase account

d. sales journal

6 / 40

Category: JAMB Past Questions: Principles of Account 2021

6. Which of the following is not a real account?

a. salaries account

b. trading account

c. plant account

d. creditors account

7 / 40

Category: JAMB Past Questions: Principles of Account 2021

7. Unpresented cheques are cheques …

a. that has been recorded in the cash book but not by the bank

b. returned by the bank

c. that has been received by the bank but not recorded in the cash book

d. written but not handed over to customers

8 / 40

Category: JAMB Past Questions: Principles of Account 2021

8. When the invoice of a customer is overcast, the supplier will send to him a …

a. cheque

b. Debit note

c. payment voucher

d. credit note

9 / 40

Category: JAMB Past Questions: Principles of Account 2021

9. Which of the following is not revealed by a firm's accounting records?

a. quality of labour force

b. credit worthiness

c. profit of a period

d. value of assets

10 / 40

Category: JAMB Past Questions: Principles of Account 2021

10. Which of the following expenses is allocated according to the floor area?

a. Wages and salaries

b. Discount allowed

c. Rent and rate

d. Canteen expenses

11 / 40

Category: JAMB Past Questions: Principles of Account 2021

11. A person who applied to purchase shares in a company is referred to as ……

a. a promoter

b. a subscriber

c. an allotee

d. an underwriter

12 / 40

Category: JAMB Past Questions: Principles of Account 2021

12. Capital for a profit making organization is generated through ……

a. subscription

b. donation

c. shares

d. gift

13 / 40

Category: JAMB Past Questions: Principles of Account 2021

13. The quality of output information depends on the.

a. speed processing

b. quality of input data

c. time of service

d. quality of output of processing

14 / 40

Category: JAMB Past Questions: Principles of Account 2021

14. What is the main purpose of transaction file?

a. to update master files

b. to make organization decision

c. to update income and expenses

d. to record assets and liabilities

15 / 40

Category: JAMB Past Questions: Principles of Account 2021

15. Processed data is only useful to user if it is…

a. quantitative

b. qualitative

c. relevant

d. complex

16 / 40

Category: JAMB Past Questions: Principles of Account 2021

16. Which of these is the main source document for reading cash paid into bank?

a. cheque book

b. pay-in-slip

c. credit note

d. invoice

17 / 40

Category: JAMB Past Questions: Principles of Account 2021

17. The following appears in trading account except…

a. sales

b. opening stock

c. carriage inward

d. carriage outward

18 / 40

Category: JAMB Past Questions: Principles of Account 2021

18. Which of these is a content of a master file?

a. A collection of data items

b. Records of assets of the organization

c. All records relating to employees

d. All records relevant to the organization

19 / 40

Category: JAMB Past Questions: Principles of Account 2021

19. Ade, Tony and Rose share profit and losses in the ratio of 3:2:1 respectively. Ade retires and the remaining partners decide to take Ade's share in the existing ration. What is the new ratio?

a. 2:6

b. 2:1

c. 3:6

d. 1:1

20 / 40

Category: JAMB Past Questions: Principles of Account 2021

20. Transfers from the head office to branches are at ……

a. selling price

b. cost price

c. cost plus markup

d. market price

21 / 40

Category: JAMB Past Questions: Principles of Account 2021

21. Which of the following expenses constitutes prime cost?

a. Warehouse rent

b. Direct labour cost

c. Factory over heads

d. Hiring of machine for production

22 / 40

Category: JAMB Past Questions: Principles of Account 2021

22. Use the following information to answer this question.

Acquisition cost of computers - Le 80,000

Installation cost - Le 20,000

Estimate residual value - Le 4,000

Estimate useful life - 5 years

The total costs of computers is ……..........

a. Le104,000

b. Le 76,000

c. Le100,000

d. Le 80,000

23 / 40

Category: JAMB Past Questions: Principles of Account 2021

23. Cost of rent as an expense can be apportioned to all department on the basis of ….............

a. wages

b. number of employees

c. stock value

d. space occupied

24 / 40

Category: JAMB Past Questions: Principles of Account 2021

24. Which of the following is a conversion cost?

a. material cost

b. purchases

c. wages

d. factory over head

25 / 40

Category: JAMB Past Questions: Principles of Account 2021

25. The partnership deed normally specifies …

a. how profits or losses are to be shred

b. how salaries are paid to employees

c. the capital to be contributed annually

d. the profit that should be earned annually

26 / 40

Category: JAMB Past Questions: Principles of Account 2021

26. Accounts can be classified into …

a. cash and credit account

b. personal and private account

c. cash and credit transaction

d. personal and impersonal account

27 / 40

Category: JAMB Past Questions: Principles of Account 2021

27. The advantage of double entry is that …

a. it increases assets

b. it is easy to prepared the final account

c. has cash and bank column

d. it disburses cash

28 / 40

Category: JAMB Past Questions: Principles of Account 2021

28. Retained profit is an example of……

a. capital reserves

b. revenue reserve

c. loan capital

d. general reserve

29 / 40

Category: JAMB Past Questions: Principles of Account 2021

29. One of these is not a similarity between joint venture and partnership.

a. it is for a specific venture

b. aim is profit making

c. have rights and duties

d. involves two people

30 / 40

Category: JAMB Past Questions: Principles of Account 2021

30. The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is ……

a. LIFO

b. FIFO

c. WAP

d. SAP

31 / 40

Category: JAMB Past Questions: Principles of Account 2021

31. The importance of bank statement is all except…

a. verifies the accuracy of balances of cash book and cheque book

b. helps to update the cash book

c. helps to detect and rectify any error

d. helps to debut an account

32 / 40

Category: JAMB Past Questions: Principles of Account 2021

32. Discount received is charge to …

a. profit and loss

b. balance sheet

c. current account

d. trading account

33 / 40

Category: JAMB Past Questions: Principles of Account 2021

33. The purpose of profit and loss account is to ascertain…

a. capital

b. gross profit

c. expenses

d. net profit

34 / 40

Category: JAMB Past Questions: Principles of Account 2021

34. In a non-profit making organization, the excess of assets over liabilities equals ……

a. capital owned

b. capital employed

c. capital

d. accumulated funds

35 / 40

Category: JAMB Past Questions: Principles of Account 2021

35. An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is …

a. Revenue Officer

b. Accountant General

c. Minister of Finance

d. Auditor General

36 / 40

Category: JAMB Past Questions: Principles of Account 2021

36. Which of the following cannot depreciate?

a. plant and machinery

b. premises

c. motor van

d. land

37 / 40

Category: JAMB Past Questions: Principles of Account 2021

37. The manufacturing account is prepared to ascertain ……

a. finished goods

b. gross profit

c. cost of goods sold

d. cost of production

38 / 40

Category: JAMB Past Questions: Principles of Account 2021

38. In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be…

a. profit

b. loss

c. capital

d. cash

39 / 40

Category: JAMB Past Questions: Principles of Account 2021

39. In the preparation of account, the owners of the business and the business concerned are treated as

a. separate legal entities

b. partners

c. none of the above

d. joint venture

40 / 40

Category: JAMB Past Questions: Principles of Account 2021

40. Capital at start was N250,000, while capital at the end of the year was N 400,000. Drawing during the year amount to N15,000. What is the profit?

a. N165,000

b. N135,000

c. N 200,000

d. N86,000

Your score is

What to Bring and Avoid at the JAMB Examination Hall?

Preparing for the Joint Admissions Matriculation Board (JAMB) examination requires careful consideration of the items you bring to the exam hall. Here is a guide to help you navigate this critical aspect of your exam day:

Items to Bring:

JAMB Exam Slip Copies: Carry two printed copies of your JAMB exam slip—one for yourself and one for the invigilator.
Pencil/Eraser: Essential for making sketches and corrections during the exam.
Cash: While not a JAMB requirement, having sufficient cash on hand is a good precaution for unforeseen circumstances.

Prohibited Items:

Candidates must strictly avoid bringing any of these items into the exam venue to prevent penalties or disqualification:

Caps of Any Kind
Pen/Biro
Mobile Phones or Any Electronic Devices
Spy Reading Glasses
Calculators or Similar Electronic Devices
USBs
CDs
Wrist Watches
Books or Any Reading/Writing Materials
Cameras
Recorders
Microphones
Ear Pieces
Ink/Pen Readers
Smart Lenses
Smart Rings/Jewelry
Smart Buttons and Bluetooth Devices
Hard Disks or Similar Storage Devices

Be vigilant and adhere to these guidelines to ensure a smooth and successful JAMB examination experience. Best of luck!

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