JAMB Accounting Past Questions & Answers

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1.


\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?

A.

N655 credit

B.

N655 debit

C.

N130 credit

D.

N130 debit

Correct answer is B

No explanation has been provided for this answer.

2.

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A.

Virement

B.

Fund accounting

C.

Consolidated fund

D.

Financial regulation

Correct answer is D

No explanation has been provided for this answer.

3.

The account of government into which all monies are received and from which all expenditures are disbursed is the

A.

Federation account

B.

Petroleum Technology Development Fund

C.

Central Bank Account

D.

Development fund

Correct answer is A

No explanation has been provided for this answer.

4.

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is

 

A.

#675,000

B.

#975,000

C.

#1,350,000

D.

#1,950,000

Correct answer is D

No explanation has been provided for this answer.

5.

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment.

A.

#224,950

B.

#225,000

C.

#324,950

D.

#325,000

Correct answer is B

No explanation has been provided for this answer.

6.

#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to

A.

Credit #1,600,000

B.

Debit #1,600,000

C.

Credit #1,600,000

D.

Debit #800,000

Correct answer is D

No explanation has been provided for this answer.

7.

The details of the share capital which a company is authorized to issue is contained in the

A.

Articles of Association

B.

Companies and Allied Matters Act

C.

Memorandum of Association

D.

Share capital certificate

Correct answer is C

No explanation has been provided for this answer.

8.

Payment for shares in excess of amount offered gives rise to

A.

Subscription in advance

B.

Revenue reserves

C.

Capital reserves

D.

Calls-in-advance

Correct answer is C

No explanation has been provided for this answer.

9.

The expenses incurred in purchasing a vehicle is a

A.

Revenue expenditure

B.

Capital expenditure

C.

Recurrent expenditure

D.

Concurrent expenditure

Correct answer is B

No explanation has been provided for this answer.

10.

Where partnership is converted into a limited liability company, current account balances of partners are transferred to a

A.

Realization account

B.

Savings account

C.

Share capital account

D.

Capital account

Correct answer is A

No explanation has been provided for this answer.


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