Midnight JAMB EXPO For Accounting 2023/2024 (Questions and Answers)

Joint Admission and Matriculation Board Questions and Answers on Financial Accounting, JAMB Accounting, 40 Potential JAMB Accounting Questions and Answers | In this examination guide, I will provide free examples of past JAMB Economics repeated random questions. You will comprehend how JAMB Accounting inquiries are structured in addition to numerous other examination details.

Welcome to the JAMB Accounting questions and answers database for the 2023/2024 CBT examinations. I believe that you are one of the candidates looking for JAMB 2023 Accounting questions and answers online. If that’s the case, you’ve come to the correct place.

The aforementioned questions are likely WAEC Accounting Education repeated questions and answers rather than the 2023 Accounting questions and answers.

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JAMB Accounting Questions and Answers (Expo)

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

CAsset

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)

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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

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Acredit account

B. debit account

C. cash account

D. property account

ANSWER: A (cash account)

Recommended:

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.

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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

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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

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

A. accountant’s salary

B. factory workers’ salary

C. managing director’s salary

D. cashier’s salary

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Typically, a branch’s profit is attributed to the

Account for branch office supplies

Departmental accounts are kept in order to determine the

Contribution made by each sector

Membership in a professional partnership must be between

Answer: 2 and 10

Profit or loss in a partnership is typically determined by subtracting all expenses from gross profit.

Answer: Loan interest payments

The debenture issued at par above the nominal value is referred to as being issued at a premium.

Answer: Premium

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The most important function of control accounts is to:

Localise accounting errors in ledgers

When a bill is negotiated at a bank, it is referred to as being

Answer: Discounted

Credit transactions were charged to Akpana rather than B. Akpan. This is a mistake by

Response: Commission

The primary purpose of a financial report is to provide information about…

Answer: An entity’s management

The objective of using sales ledger balance to offset purchases ledger balance is to

Answer: Commence

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11. The officer accountable for ensuring that all public expenditures and appropriations comply with approved guidelines is the

Answer: Auditor General

The cash basis of accounting necessitates revenue to be recognised only when it is earned.

Answer: Received

Responsibility accounting is concerned in particular with

Answer: expense management

14. Earnings per share is a measure of a company’s profitability.

Response: Profitability

15. A subscription owned by club members is a/an

Answer: Asset

In a club’s balance sheet, the subscription paid in advance is recorded as a current asset.

Answer: An obligation

In the main office’s accounts, the movement of goods from headquarters to branches is recorded as a transfer of inventory.

Answer: Sales

18. Which of the following is most frequently responsible for discrepancies between head office and branch trial balances?

Debts and currency in transit

Which stock valuation method would a vegetable vendor use to determine the value of its product?

Answer: FIFO

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The partnership account is used to record transactions associated with the liquidation of a business.

Response: currency account

Deferred charges are also referred to as

The answer is accrued expenses.

Always, factory salaries are deposited into which account?

Account for manufacturing

One of the motivations for the public sector’s existence is to

Provide affordable services to all citizens

The precise entry to reflect the receipt of cash sent from a branch to the headquarters is

Cash is debited and the branch current account is credited.

25. Work-in-progress represents the worth of

Answer: semi-finished products

The Act establishing the Institute of Chartered Accountants of Nigeria (ICAN) went into effect on June 26.

Answer: 1st September, 1965

Gross profit on manufactured products is the difference between the cost of manufactured goods and the selling price.

Market value of the products produced

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A successful accounting system must provide information

Regarding internal and external reporting for managers and outside stakeholders.

A 60-dollar common share was issued for $75. The stock was issued when

Answer: Premium

Initial expenses of a limited liability company include:

Answer: Imaginary assets

31. In the balance sheet of a club, the subscription paid in advance is regarded as a current asset.

Answer: An obligation

In the dissolution of a partnership, the net book value of the assets is transmitted to the remaining partners.

Account for debit realisation

The Senior accounting officer of a municipality is the

Response: Chairman

The founders of a business are 34.

Answer: advertisers

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A component of manufacturing administrative costs is

Answer: Rent

36. The price paid by a company that acquires another is the

The answer is purchase price

Within thirty days of receiving the financial statement, the Auditor General of the Federation is required to submit a report to the National Assembly.

Answer: 30 days

The quantity of money allocated by a government agency for a specific purpose is the expenditure budget.

Answer: fund

39. Investors are interested in accounting data to ascertain a company’s financial health.

Profitability ratio is the correct answer.

Calculating working capital is as follows:

Current assets minus current liabilities equals current net worth.

If you have any questions on JAMB Financial Accounting questions and Answers, kindly drop your question in the comment box and we shall attend to you as soon as possible.

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Samples JAMB Financial Accounting 2023 Objectives Questions and answers

Principles of Accounts Questions and answers for JAMB UTME and how to answer questions successfully:

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The questions for the accounting Exams will only be 40. Try and answer the questions correctly and adhere to the Exams instructions.

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The Answer to JAMB UTME Accounting objectives Questions are and likely expo/runs tips are as follows:

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How to Answer JAMB Questions on Accounting Principles in 2023

The following are extremely helpful when undertaking JAMB UTME questions:

  • Effectively log in to your computer without squandering time
  • When necessary, call the attention of the invigilators.
  • Examine and record the time allocated to a specific topic.
  • Please peruse the on-screen instructions with care.
  • Read and answer the pertinent questions
  • Please read the queries at least three times before selecting an answer.
  • Control the time we’ll Do not avoid any query.
  • Everyone completes and submits their work within three minutes of the allotted time.

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