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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Faith omowumi says
Thank you sir
Favour Ojena says
Thanks alot
Islamiat says
Thanks sir I really appreciate
ANLEGER GOLD ❤️ says
Thank You Very Much
Hk caleb camani says
Thank you but send me another one
Salisusadu says
Thanks for your contribution and helping
Isaac Inegbenehi says
You are welcome dear
Banky T says
Thank u sir
joshkid says
Thanks a lot
Olalekan shukurah says
Thank you very much we do appreciate it sir
Isaac Inegbenehi says
You are welcome
W says
Thank you very much we do appreciate it sir
Teghtegh moses says
thank every much sir you helped us.
Marvelous says
Thanks
Teghtegh moses says
thank you Sir
Blessing effiong says
Sir am really interested in this please
Timilehin says
Sir, did u av any group on whatsapp where we can asked each other question and u can enlighten us.
Anonymous says
Thank you so much sir, please is this exactly what we will see in our jamb accounting questions？
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
AMOS GODIYA (ANGEL) says
WOW that is so wonderful
Isaac Inegbenehi says
Thanks Amos
Scarlet says
Thank you very much sir
kovie says
Wow,interesting
Mary Ogodo says
Thank u very much sir, I wish dis same question will comes out
Khalil says
That great,really appreciate this
Danladi charity says
Thank you very much sir
adeniyi dosunmu says
Nice one
Opeogun maria says
Thank you for your interest in us
Isaac Inegbenehi says
You are welocme Maria
bamidele paul says
thank you sir, i so much hope that some part of dis questions come out. tanx alot
Lawal rahmon oladeji Number 1 says
Thanks very much for ur acknowledgment sir….
may you be rewarded using the cash or cheque method of payment
Osondu Jane says
Thanks a lot,,God bless u
Abel John says
Thanks
Demand Gamde says
fantastic one sir May God bless you and your family sir keep it up
lucky says
Thank u very much may god bless you
Isaac Inegbenehi says
Amen Lucky
Sunday Taiye Daniel says
Thanks May God Help You Sir, And Reward You
horlamilekan says
wow nice thank u
falgore says
thank u so much sir
Anonymous says
Good work
Emmanuel ojo says
thanks alot it did really help
olanrewaju adeniyi says
thanks so much..MAY ALLAH REWARD YOU
Anonymous says
Did it help in anyone’s jamb
Ugbema says
Great sir pls keep it up tnx u very much
Anonymous says
Great sir pls keep it up tnx u very much
Omolara Faith John says
Thank you very much sir this would be alot of help to me I think I’ll handle the practical aspect myself
Zachariah Kefas says
Thank you very much for the guidline sir but i was expecting practical questions also,because i know i will face them on my examination hall sir.
Peter says
thanks u sir
i really appreciate it sir
i hope there will be calculation there
Pius john says
Thank u sir, the sky will be ur limit
Anonymous says
the sky won’t be your limit oh… It’ll be your starting point
Kosy says
I appreciate,God bless u
Mary Michael says
wao tank’s so much but hope the will not put caulation on it
Blessing emmanuel says
Tanks i pray that this should be the true quesion.pls sir i need your contact .more yaers ahead
Oluwapelumi.A says
Tnks fr d guideline.may God give u more understanding