Accounts Past Questions


Exam Body:

Question 1

A general journal contains

Options

A) date, narration, folio, debit, and purchases

B) date, narration, folio, debit and purchase

C) folio, credit, date, debit and sales

D) debit, credit, narration, date and discount

Exam Body: JAMB

Question 2

Which of the following errors will affect the trial balance total

Options

A) posting disscount allowed to the debit side of the discount allowed account

B) omision of one account from the list when extracting from the ledger

C) failure to post sales of ₦2,000 and purchases of ₦2,000 from the subsidiiary ledger

D) omission of sales of ₦3,000 and purchases of ₦2,000

Exam Body: JAMB

Question 3

An expenses account is closed by a debit to

Options

A) an asset account and a credit to the expenses account

B) the expenses account and a credit to an asset account

C) profit and loss account and a credit to the expenses account

D) the expenses account and a credit to profit and loss account

Exam Body: JAMB

Question 4

In a manufacturing company, the total cost of goods produced is equivalent to

Options

A) purchases

B) sales

C) cost of goods sold

D) cost of materials used

Exam Body: JAMB

Question 5

Given: Sales Ledger Control Account (Extracts)

Balancb/f₦10,600
Total cash payments by debtors₦32,275
Total credit sales₦59,193
Discount received₦9,700
Balance c/f₦20,751
Discount allowed₦2,890

Determine the sales returns

Options

A) ₦24,577

B) ₦13,877

C) ₦7,067

D) ₦2,890

Exam Body: JAMB

Question 6

The simplest form of single entry procedure consists of keeping a

Options

A) day book or general journal

B) cash book and ledger accounts showing debtors and creditors balances

C) cash journal, sales journal and purchases journal

D) day book in which transactions are described in chronological order

Exam Body: JAMB

Question 7

A fixed cost is fixed only in relation to

Options

A) the quality of goods produced

B) the quantity of goods sold

C) a given period of time and a range of activities

D) a given period of time and the nature of activity

Exam Body: JAMB

Question 8

One of the advantages of the shortcomings of single entry procedures is that

Options

A) a trial balance is not available

B) profits are overestimated

C) there are no subsidiary books

D) there are no control accounts

Exam Body: JAMB

Question 9

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be

Options

A) debit bank, credit custmer and credit conyrol account

B) credit bank, debit customer, and credit control account

C) debit customer, debit control accountand credit bank

D) credit control account, debit bank and debit customer

Exam Body: JAMB

Question 10

Didi Ltd offered 10,000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above

Options

A) shares are never offered at a discount; the offer is invalid

B) the value of shares in the capital account will be lowered by 2%

C) the company incurs a loss to the tune of 2% of the offer

D) each of the subscribers loses 2% of investment

Exam Body: JAMB


Question 11

Use the information below to answer the question: Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share.Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?The refund due to an application for ₦25,000 shares is

Options

A) ₦45,000

B) ₦30,000

C) ₦7,500

D) ₦5,000

Exam Body: JAMB

Question 12

Use the information below to answer the question:Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares

Options

A) ₦20,000

B) ₦18,000

C) ₦15,000

D) ₦12,000

Exam Body: JAMB