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40 Jamb Accounts Likely Questions For 2022

Domiciliary account in Nigeria

Modified On Jan 10, 2022 By Isaac

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

Hope you found this helpful? Feel free to share with your friends and don’t fail to drop your comment.

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54 Comments

  1. Faith omowumi says

    Thank you sir

    Reply
  2. Favour Ojena says

    Thanks alot

    Reply
  3. Islamiat says

    Thanks sir I really appreciate

    Reply
  4. ANLEGER GOLD ❤️ says

    Thank You Very Much

    Reply
  5. Hk caleb camani says

    Thank you but send me another one

    Reply
  6. Salisusadu says

    Thanks for your contribution and helping

    Reply
    • Isaac Inegbenehi says

      You are welcome dear

      Reply
  7. Banky T says

    Thank u sir

    Reply
  8. joshkid says

    Thanks a lot

    Reply
  9. Olalekan shukurah says

    Thank you very much we do appreciate it sir

    Reply
    • Isaac Inegbenehi says

      You are welcome

      Reply
  10. W says

    Thank you very much we do appreciate it sir

    Reply
  11. Teghtegh moses says

    thank every much sir you helped us.

    Reply
    • Marvelous says

      Thanks

      Reply
  12. Teghtegh moses says

    thank you Sir

    Reply
    • Blessing effiong says

      Sir am really interested in this please

      Reply
  13. Timilehin says

    Sir, did u av any group on whatsapp where we can asked each other question and u can enlighten us.

    Reply
  14. Anonymous says

    Thank you so much sir, please is this exactly what we will see in our jamb accounting questions?

    Reply
    • Timilehin says

      No dear.
      but some of it may come out luckily, let just be calm and focus.
      Are u in any group on whatsapp about jamb. Plz add me. 09016670565

      Reply
  15. AMOS GODIYA (ANGEL) says

    WOW that is so wonderful

    Reply
    • Isaac Inegbenehi says

      Thanks Amos

      Reply
  16. Scarlet says

    Thank you very much sir

    Reply
  17. kovie says

    Wow,interesting

    Reply
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