What will Jamb set in Accounts for 2022 UTME and what are the top hot likely questions to come out in Jamb Accounts? Continue reading for important Jamb UTME Accounts Questions and Answers.
The 40 Questions and answers will cover every Chapter in Jamb Accounts. However, the Likely Accounts Questions will not be arranged topic by topic.
Jamb Accounts Questions And Answers
1. The profit of a branch is usually credited to the
Answer: Branch office goods account
2. Departmental accounts are maintained to ascertain the
Answer: Contribution of each department
3. In a professional partnership, membership must be between
Answer: 2 and 10
4. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including
Answer: Interest on loans
5. The debenture issued at par above the nominal value is said to be issued at a
Answer: Premium
6. Questions: The principal use of control accounts is to
Answer: Localize errors within ledgers
7. When a bill is negotiated at the bank, it is said to be
Answer: Discounted
8. Credit sales were debited to Akpana instead of B. Akpan. This is an error of
Answer: Commission
9. The main objective of accounting report is to provide information about …
Answer: An entity’s management
10. The purpose of using sales ledger balance to cancel off purchases ledger balance is
Answer: Set off
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11. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with approved guideline is the
Answer: Auditor General
12. The cash basis of accounting requires the recognition of revenue only when they are
Answer: Received
13. Responsibility accounting is particularly concerned with
Answer: Controllable costs
14. Earnings per share is a measure of
Answer: Profitability
15. Subscription owned by members of a club is a/an
Answer: Asset
16. The subscription paid in advance is treated in the balance sheet of a club as
Answer: A liability
17. The movement of goods from head office to branch is treated in the head office accounts as
Answer: Sales
18. Which of the following is a common cause of discrepancy between head office and branch trial balance
Answer: Debtors and cash in transit
19. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
Answer: FIFO
20. Question: The transactions relating to liquidation in partnership account is drawn by using
Answer: cash account
21. Deferred charges are also known as
Answer: Accrued expenses
22. Factory wages are always entered into which account?
Answer: Manufacturing account
23. One of the reasons for the existence of the public sector is to
Answer: provide cheap services to all citizens
24. The correct entry to reflect the receipt of cash sent by a branch to a head office is
Answer: Debit cash and credit branch current account
25. Working-in-progress is the value of
Answer: partly finished goods
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26. The Act establishing the institute of Chartered accountants in Nigeria (ICAN) came into force on
Answer: 1st September, 1965
27. The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
Answer: Market value of goods produced
28. An effective accounting system should provide information
Answer: On internal and external reporting for managers and third parties
29. An ordinary share of #60 was issued at #75. The share was issued at
Answer: Premium
30. Preliminary expenses of a limited liability company are
Answer: Fictious assets
31. The subscription paid in advance is treated in the balance sheet of a club as
Answer: A liability
32. In the dissolution of a partnership business, the net book, value of the assets is transferred to
Answer: Debit realization account
33. The chief accounting officer of a local government is the
Answer: Chairman
34. The founder of a company are
Answer: promoters
35. A component of an overhead manufacturing cost is
Answer: Rent
36. The price paid by an acquiring company is the
Answer: Purchase consideration
37. After receiving the financial statement, the Auditor General of the Federation must submit a report to the National Assembly within
Answer: 30 days
38. The amount of money for a particular purpose by a government organization for its expenditure is the
Answer: fund
39. Investors are interested in accounting information to determine the organization’s
Answer: profitability ratio
40. Working capital is calculated as
Answer: current assets less current liabilitities
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