JAMB Accounting Questions and Answers 2024 in now ready online. As you read this article, you are going to see the complete CBT Questions for the 2024 JAMB Accounting examination.
By now, I am sure that all of you have completed your 2024 JAMB Registration processes and should be getting prepared to write the Mock and the Main UTME Examination. If you are one of those who are preparing for the examination, just know that this article will be very beneficial to you. Read carefully to the end.
I have good news for all the 2024 Joint Admission and Matriculation Board Examination candidates. In this article, I will be sharing with you the complete JAMB Accounting Questions and Answers for 2024 examination.
One thing you should know about the JAMB Accounting examination is this; you are going to be give a total 40 questions and you would be required to answer all of them to be able to secure 100% in Accounting.
Some of the likely JAMB Accounting questions for 2024 examination are shown below:
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
A. Creditor
B. Cashier
C. Auditor General
D. Bursar
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
B. documented
C. lost
D received
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
A. loss
B. profit
C. income
D. expenditure
ANSWER: B (Profitability)
5. Subscription owned by members of a club is a/an
A. liability
B. property
C. Asset
D. club ownership
ANSWER: C (Asset)
6. The subscription paid in advance is treated in the balance sheet of a club as
A. liability
B. cost
C. asset
D. expenditure
ANSWER: A (liability)
7. The movement of goods from head office to branch is treated in the head office accounts as
A. sales
B. income
C. goods transfer
D. goods migration
ANSWER: A (Sales)
18. Which of the following is a common cause of the discrepancy between head office and branch trial balance
A. creditor in transit
B. debtor and cash in transit
C. cash in transit
D. cash movement
ANSWER: B (Debtors and cash in transit)
9. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
A. FiFQ
B. FFO
C. FIFE
D. FIFO
ANSWER: D (FIFO)
10. The transactions relating to liquidation in partnership account is drawn by using
A. credit account
B. debit account
C. cash account
D. property account
ANSWER: A (cash account)
11. The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts?
A. are not important in cashbooks.
B. are cash items only.
C. do not form part of double entry.
D. are used for bank reconciliation.
12. When is a petty cash account debited?
A. When the fund is established and every time money is spent.
B. When the fund is established and every time it is replenished.
C. When the fund is established and when the size of the float is decreased.
D. Every time money is drawn from the petty cash.
13. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
A. Bank charges.
B. Uncleared cheques.
C. Returned cheques.
D. unpresented cheques.
14. The financial position of an organization at a particular time can be ascertained from the?
A. statement of sources and application of funds
B. statement of retained earnings
C. balance sheet
D. profit and loss account
Given;
| Items | Price (Naira) |
| Purchases | 20,000 |
| Sales | 40,000 |
| Carriage inwards | 5,000 |
| Carriage outwards | 5,000 |
| Opening stock | 10,000 |
| Closing stock | 5,000 |
15. What is the cost of goods sold?
A. N30,000
B. N25,000
C. N20,000
D. N15,000
16. The net profit or loss for the year is determined in profit and loss account after?
A. deducting purchases from sales
B. deducting cost of goods sold from sales and adding administrative expenses
C. adding commissions received to gross profit
D. eliminating all expenses from gross profit and adding any other income
17. If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
A. income in the profit and loss account
B. income in the balance sheet
C. additional cash in the profit and loss account
D. expense in the balance sheet
18. Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
A. N23,000
B. N29,000
C. N36,000
D. N43,000
19. From which of the following sources are creditors control account most likely to be posted?
A. supplier’s invoices
B. cash disbursements journal
C. subsidiary debtors ledger
D. purchases journal
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JAMB Accounting Questions and Answers 2024
The correct 40 JAMB Accounting Questions and Answers are:
1. The process of bookkeeping includes records produced from?
A ledgers
B source documents
C minutes of meeting
D imtuitive reasoning
Correct Option: C
2. The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?
A N509,600
B N482,600
C N428,600
D N418,400
Correct Option: B
3. Which of the following accounting records are source documents?
A Journal and ledgers
B Sales invoice and cash book
C Cash book and debit note
D sales invoice and debit note
Correct Option: D
4. Accounting information is used by investors and creditors of a company to predict
A future cash flows of the company
B future tax payments of the company
C potential merger candidates for the company
D appropriate remunerations for the company’s staff
Correct Option: A
5. The receipt from a special tax levy to pay maturing interest obligation are recorded in
A capital fund project
B Debt Service Fund
C Tax Assessment Fund
D Special Revenue Fund
Correct Option: C
6. The principle use of control accounts is to
A localize error within the ledger
B prevent fraud
C increase sales
D record assets and liabilities
Correct Option: A
7
The acid test ratio in the company is
A 1:1
B 1:2
C 2:3
D 3:2
Correct Option: B
8. The interest on Keme’s drawings is calculated as?
A N200
B N150
C N300
D N100
Correct Option: A
9. Which of the following is a signatory to federal government account?
A Auditor-General
B Governor of Central Bank
C Accountant-General
D President
Correct Option: C
10. An instrument which allows public officers to increase expenditure within a year is
A statutory allocation
B supplementary budget
C virement
D warrant
Correct Option: B
11. The debenture issued at par above the nominal value is said to be issued at a
A cost price
B mark-up
C premium
D margin
Correct Option: C
12. Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
A cost price
B fixed percentage on cost
C selling price
D invoice price
Correct Option: A
13. The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
A capital and debit liabilities
B liabilities and credit assets
C assets and credit capital
D capital and credit assets
Correct Option: C
14. The market value of goods produced is?
A N30,500
B N30,600
C N31,600
D N31,620
Correct Option: B
15. The expenses incurred in promoting a company are?
A promoters’ expenses
B floating expenses
C preliminary expenses
D the borad’s expenses
Correct Option: C
16. After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
A 60 days
B 30 days
C 120 days
D 90 days
Correct Option: B
More Practice Questions
17. Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
A 50%
B 40%
C 30%
D 20%
Correct Option: D
18. Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
A II and IV only
B I,II and IV only
C I,II and III only
D II,III and IV only
Correct Option: B
19. The accounting entries for goods stolen in branch will be to debit
A The accounting entries for goods stolen in branch will be to debit
B branch stock account and credit branch adjustment account
C branch adjustment account and credit profit and loss account
D branch adjustment account and credit branch stock account
Correct Option: A
20. The two legally recognized professional accounting bodies in Nigeria are the?
A Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Nigeria Accounting Association and the Executive Cost and Management Accounts of Nigeria
Correct Option: C
21. The issued share capital is the number of shares that are
- A. shared among the directors
- B. authorised by the shareholders
- C. fully subscribed
- D. in the share certificate
22. The formular for calculating depreciation using straight line method is
- A. Cost-scrap value/useful life
- B. Scrap value+sales/useful life
- C. Sales-scrap value/useful life
- D. Purshases+sales/useful life
23. The two legally recognized professional accounting bodies in Nigeria are the
- A. Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
- B. Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
- C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
- D. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
24. The corresponding entry of personal accounts found in the debit side of the cashbook is to
- A. credit real accounts
- B. credit the ledger
- C. debit real accounts
- D. debit the ledger
25. Use the information below to answer questions 25 and 26
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
The quick ratio is
- A. 0.82:1
- B. 1:53:1
- C. 0.95:1
- D. 0.91:1
26. Determine the owner’s equity
- A. ₦275,000
- B. ₦200,000
- C. ₦755,000
- D. ₦215,000
27. The prime cost is the total of the
- A. direct materials+direct labour+direct wages
- B. production cost+selling expenses
- C. administrative expenses+selling expenses+distribution expenses
- D. direct materials+work overhead expenses
28. Recurrent expenditures are expenses for the period not exceeding
- A. 10years
- B. 2years
- C. 5years
- D. 1year
29. A source document is used for verifying the
- A. amount due from debtors
- B. amount due to creditors
- C. selling price of goods
- D. actual cost of an asset
30. If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?
- A. ₦130,000
- B. ₦75,000
- C. ₦80,000
- D. ₦125,000
31
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
- A. capital reserve
- B. net loss
- C. revenue reserve
- D. net income
32. Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
Determine the adjusted net profit
- A. ₦202,000
- B. ₦210,000
- C. ₦195,000
- D. ₦184,000
33. Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
The revenue to be added as an adjustment is
- A. ₦34,000
- B. ₦4,000
- C. ₦30,000
- D. ₦15,000
34. The principle of double entry system ensures
- A. balances at the bank
- B. increase in the assets and liabilities
- C. balance of cashbook
- D. mathematical accuracy in trial balance
35. The interest on partner’s loan is
- A. credited in current account
- B. debited in profit and loss account
- C. credited in profit and loss account
- D. debited in current account
36. Which of the following is a debit item in the purchase ledger control account?
- A. balance b/d
- B. cheque dishonoured
- C. balance c/d
- D. purchases
37. Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit
- A. cash and credit stationery
- B. purchases and credit stationery
- C. stationery and credit purchases
- D. stationery and credit cash
38. Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?
- A. ₦5,480,000
- B. ₦6,480,000
- C. ₦8,480,000
- D. ₦7,380,000
See Also: How To Check JAMB Result | UTME Result Checker
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