Joint Admission and Matriculation Board Questions and Answers on Financial Accounting, JAMB Accounting, Possible JAMB questions and answers on Accounting | In this examination guide, I will be showing you past JAMB Economics random repeated questions for free. You will understand how JAMB Accounting questions are set and many other examination details.
Welcome to JAMB Accounting questions and answers for the 2023/2024 CBT exams. I believe you are one of the candidates searching online for JAMB 2023 Accounting questions and answers. If that’s true, here is the right place for you.
99% of JAMB accounting questions and answers 2023 for the first set (1st batch or morning set), the second set (2nd batch or afternoon set), or third set (3rd batch or evening set) are set from JAMB financial accounting past questions and answers 2023 version.
I have provided a material that will help you to know the JAMB 2023 accounting questions that JAMB will set for your batch. Below are the major topics JAMB financial accounting questions for 2023 will be set from.
With these topics, you will be able to know what to expect in the exam and that will help you to know how the JAMB accounting answers 2023 should look like.
JAMB Accounting Questions are set from the following categories: Financial Accounting, Cost Accounting, Auditing, Managerial Accounting, Accounting Information Systems, Forensic Accounting & Fiduciary Accounting.
Financial Accounting Questions: You will be tested on questions that are involved categorizing and recording of transactions for business, generating financial statements based on transactions. Other questions in this aspect will focus on the balance sheet and income statement in accordance with “Generally Accepting Accounting Points” (GAAP).
Cost Accounting Questions: (Managerial Accounting): Cost accounting questions are related to managerial accounting as used in manufacturing firms especially in firms that have a lot of resources and costs to manage. Managerial accounting questions will focus mostly on your familiarity with the financial operations of the company.
Auditing Questions: Know that questions from this section will be from the two types of auditing which are external and internal auditing.
Accounting Information Systems Questions: AIS questions will be set from everything topics that have to do with accounting systems, accounting processes, their application, installment, construction, and observation.
Fiduciary Accounting Questions: Questions from this branch will be around the accounting topics that have to do with Property management for people or businesses.
Sample Accounting Questions and Answers
1. ___ is the collection, recording, presenting & interpreting of accounting data?
- Financial accounting
- management accounting
- cost accounting
- data processing
The Correct Answer is A: Financial accounting
2. The error in a situation where a salary account is debited instead of a stationary account is known as_____?
- omission
- commission
- principle
- compensation
The correct answer is B: commission
3. Another term for return-inwards is_____?
- Purchases returns
- Product returns
- goods in transit
- sales returns
The correct answer is D: sales returns
Check: 100+ JAMB Economics Questions and Answers
With this JAMB 2023 Financial Accounting questions and answers tips, I am sure all the first batch (1st set or morning batch), second batch (2nd set or afternoon batch) or third batch (3rd set or evening batch) candidates will be able to get better insights on the kind of JAMB Accounting Questions 2023 that they should be expecting.
JAMB Accounting Questions and Answers (Expo)
- 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) - 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) - Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs) - Earnings per share is a measure of
A. loss
B. profit
C. income
D. expenditure
ANSWER: B (Profitability) - Subscription owned by members of a club is a/an
A. liability
B. property
C. Asset
D. club ownership
ANSWER: C (Asset) - 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) - 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) - 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) - 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) - 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) - 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. - 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. - 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. - 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 |
- What is the cost of goods sold?
A. N30,000
B. N25,000
C. N20,000
D. N15,000 - 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 - 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 - 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 - 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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