Accounting past questions: JAMB UTME 2023

80 objective questions, with answers. Free to read and practise.

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80 questions, one at a time, marked as you go or at the end. No account needed.

1.
#
Stock Jan 1 2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500
Determine the net profit
1. A.#4,000
2. B.#4,500
3. C.#5,000
4. D.#1,400
Show answerHide answer
Answer: D #1,400
2.
₦
Balance as per cash book 5467
Uncredited cheques 4410
Unpresented cheques 19404
The balance as per bank statement is
1. A.₦20,461
2. B.₦21,091
3. C.₦21,109
4. D.₦19,021
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Answer: A ₦20,461
3.
₦
Debtors opening 4000
Debtors closing 1500
Cash received from debtors 8500
Bad debts written off 350
Discount allowed 500
Discount received 1000
What is the amount of sales for the year?
1. A.₦6850
2. B.₦6650
3. C.₦3850
4. D.₦1550
Show answerHide answer
Answer: A ₦6850

₦
Manufacturing wages	42,000
Factory rent	880
Raw materials: Stock 1/1/16	1,000
Purchases	16,000
Stock 31/12/16	1,400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

Calculate the cost of raw materials consumed

A.₦15,600
B.₦17,000
C.₦42,000
D.₦20,300

Show answer

Answer: A ₦15,600

₦
Manufacturing wages	42,000
Factory rent	880
Raw materials: Stock 1/1/16	1,000
Purchases	16,000
Stock 31/12/16	1,400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

What is the value of the indirect manufacturing cost?

A.₦57,900
B.₦18,200
C.₦20,300
D.₦23,000

Show answer

Answer: C ₦20,300

₦
Manufacturing wages	42000
Factory rent	880
Raw materials: Stock 1/1/16	1000
Purchases	16000
Stock 31/12/16	1400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

The prime cost is

A.₦57,900
B.₦42,000
C.₦45,000
D.₦78,200

Show answer

Answer: A ₦57,900

7.
₦
Plant and Machinery 190000
Motor Vehicle 170000
Stock 60000
Current Liabilities 50000
Purchase consideration 40000
The goodwill is?
1. A.₦110,000
2. B.₦30,000
3. C.₦90,000
4. D.₦80,000
Show answerHide answer
Answer: A ₦110,000
8.
₦ ₦
Bal. b/f 3,250 Bal. b/f. 215
Sales 19,075 Bank 16,387.50
Dishonoured cheque 625 Discount 862.50
Stopped cheque 250 Returns inwards 325
Bal c/d 230 Set off 900
Bal c/d 4740
23,430 23430
Bal b/d 4740 Bal b/d 230
Dr. Sales Ledger Control Account . Cr The amount ₦16,378.50 described as "Bank" represents
1. A.receipts from trade debtors only
2. B.cash sales for the month including discount
3. C.receipts from all debtors of the business
4. D.cash sales for the month excluding discount
Show answerHide answer
Answer: C receipts from all debtors of the business
9.
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
1. A.original entry
2. B.contract entry
3. C.prime entry
4. D.contra entry
Show answerHide answer
Answer: D contra entry
10.
A part of public company's profit belonging to the shareholders is
1. A.right issue
2. B.bonus
3. C.dividends
4. D.public issue
Show answerHide answer
Answer: C dividends
11.
Accounting entry for dissolution expenses is
1. A.Dr : Partnership account ;Cr: Realization account
2. B.Dr: Revaluation account; Cr: Partnership account
3. C.Dr: Realization account; Cr: Cash account
4. D.Dr: Partners current account; Cr: Realization account
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Answer: C Dr: Realization account; Cr: Cash account
12.
An advantage of FIFO method of stock valuation is that
1. A.it is calculated at the end of the year
2. B.its flow of cost is in sequence with the flow of stock
3. C.it is progressive in nature
4. D.it serves as a control during inflation
Show answerHide answer
Answer: B its flow of cost is in sequence with the flow of stock
13.
An evidence of payment issued to a government ministry by a revenue collector is
1. A.treasury card
2. B.payment voucher
3. C.treasury receipt
4. D.receipt voucher
Show answerHide answer
Answer: D receipt voucher
14.
Another name for control accounts is
1. A.total account
2. B.purchases ledger
3. C.creditors' account
4. D.debtors' account
Show answerHide answer
Answer: A total account
15.
Bello withdraws cash from bank to office, this is called ---------- entry
1. A.credit
2. B.contra
3. C.double
4. D.debit
Show answerHide answer
Answer: B contra
16.
Capital for a profit making organization is generated through
1. A.gift
2. B.donation
3. C.shares
4. D.subscription
Show answerHide answer
Answer: C shares
17.
Changes in the profit sharing ratio may occur as a result of I. skill contributed by partners II. health status III. old age IV. Intangible asset increase
1. A.I, III and IV
2. B.I and III
3. C.I, II and III
4. D.I, II and IV
Show answerHide answer
Answer: C I, II and III
18.
Current assets are shown in the balance sheet in order of performance as
1. A.debtors, stock, bank and cash
2. B.stock, debtors, bank and cash
3. C.stock, bank, debtors and cash
4. D.debtors, stock, cash and bank
Show answerHide answer
Answer: B stock, debtors, bank and cash
19.
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
Drawings: ₦
Dairo 12000
Segun 18000
Capital:
Dairo 120000
Segun 60000
- Interest on drawings 10% - Interest on capital 5% - Profit for the year ₦36,000 - Salary: Segun ₦10,000 Segun's share of profit is
1. A.₦12,000
2. B.₦21,400
3. C.₦14,600
4. D.₦16,400
Show answerHide answer
Answer: A ₦12,000
20.
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
Drawings: ₦
Dairo 12000
Segun 18000
Capital
Dairo 120000
Segun 60000
- Interest on drawings 10% - Interest on capital 5% - Profit for the year ₦36,000 - Salary: Segun ₦10,000 The interest on Dairo's drawings is
1. A.₦1,600
2. B.₦1,200
3. C.₦1,400
4. D.₦1,800
Show answerHide answer
Answer: B ₦1,200
21.
Danladi Bako's Statement of Affairs as at 30/06/17
₦ ₦
Capital ?? Fixtures and fittings 4,000
Stock 20,500
Sundry debtors 40,000
Creditors 18,000 Bank ??
78,650 78,650
What is his bank balance as at 30/06/17?
1. A.₦14,150
2. B.₦18,500
3. C.₦15,300
4. D.₦65,150
Show answerHide answer
Answer: A ₦14,150
22.
Danladi Bako's Statement of Affairs as at 30/06/17
₦ ₦
Capital ?? Fixtures and fittings 4,000
Stock 20,500
Sundry debtors 40,000
Creditors 18,000 Bank ??
78650 78650
What is the value of Dalandi Bako's capital?
1. A.₦60,150
2. B.₦78,650
3. C.₦50,160
4. D.₦60,650
Show answerHide answer
Answer: D ₦60,650
23.
Discount allowed is enjoyed by
1. A.managers
2. B.customers
3. C.staff of the company
4. D.suppliers
Show answerHide answer
Answer: B customers
24.
Dr. Sales Ledger Control Account . Cr
₦ ₦
Bal b/f 3,250 Bal b/f 125
Sales 19,075 Bank 16,387.50
Dishonoured cheque 625 Discount 862.50
Stopped cheque 250 Returns inwards 325
Bal c/d 230 Set off 900
Bal c/d 4740
23430 23430
Bal b/d 4740 Bal b/d 230
The amount ₦19,075 represents
1. A.the double entry for the total sales account
2. B.total sales for the month
3. C.credit sales
4. D.cash sales for the month
Show answerHide answer
Answer: C credit sales
25.
Factory overheads are also known as
1. A.direct manufacturing
2. B.direct expenses
3. C.indirect cost
4. D.direct labour
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Answer: C indirect cost
26.
Given: I. Cash refunds II. Debit note issued III. Dishnoured cheque IV. Purchases The item on the credit side of purchase ledger control account includes
1. A.I, II and IV only
2. B.I and IV only
3. C.I and II only
4. D.I, II and III only
Show answerHide answer
Answer: B I and IV only
27.
Given: I. It records subscription in arrears II. Payments of liabilities is effected III. The account does not show if cash payment is revenue or capital expenditure IV. It performs the same function as cash book The features of receipts and payment account includes:
1. A.III and IV
2. B.I, II and IV
3. C.II, III and IV
4. D.I, II and III
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Answer: C II, III and IV
28.
Given: I. Settlement of debts II. Cessation of business III. Introduction of assets IV. Disposal of assets Which of these constitutes dissolution of partnership?
1. A.I,II and III only
2. B.I,II and IV only
3. C.II and IV only
4. D.II and III and IV only
Show answerHide answer
Answer: B I,II and IV only
29.
Goodwill can be introduced when
1. A.the business suffers high loss
2. B.the business is being expanded
3. C.the partnership experience super profit
4. D.a new member is admitted
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Answer: D a new member is admitted
30.
In company account, dividend payments are effected in which of the following accounts?
1. A.realization
2. B.current
3. C.appropriation
4. D.capital
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Answer: C appropriation
31.
In manufacturing, depreciation of office machine is charged to
1. A.trading account
2. B.balance sheet
3. C.appropriation account
4. D.profit and loss account
Show answerHide answer
Answer: D profit and loss account
32.
In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
1. A.7 \(\frac{1} {2}\) %
2. B.5%
3. C.15%
4. D.10%
Show answerHide answer
Answer: B 5%
33.
Income and Expenditure account is the same as the --------- of a sole trader
1. A.balance sheet
2. B.trading account
3. C.profit and loss account
4. D.cash book
Show answerHide answer
Answer: C profit and loss account
34.
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
₦
Net profit for the year 90,000
Interim dividends paid:
Ordinary shares 25,000
Profit and loss appropriation b/f 10,000
Goodwill written off 1,000
At the end of the period, what is the balance of the profit and loss appropriation account?
1. A.₦66,5000
2. B.₦90,000
3. C.₦100,000
4. D.₦74,000
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Answer: A ₦66,5000
35.
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
₦
Net profit for the year 90,000
Interim dividends paid:
Ordinary shares 25,000
Profit and loss appropriation b/f 10,000
Goodwill written off 1,000
The amount of preference shares dividends payable at the end of the year is
1. A.₦10,000
2. B.₦25,000
3. C.₦7,500
4. D.₦20,000
Show answerHide answer
Answer: C ₦7,500
36.
One of the options below have the same features as the profit and loss account in non-profit organization
1. A.non profit account
2. B.profit and loss account
3. C.income and expenditure account
4. D.receipts and payment account
Show answerHide answer
Answer: C income and expenditure account
37.
One of the options below is not the source of income for non - profit organization
1. A.ordinary shares
2. B.donations
3. C.subscription/dues
4. D.entrance fees
Show answerHide answer
Answer: C subscription/dues
38.
Profit expressed in relation to cost of goods sold is
1. A.turnover
2. B.cost price
3. C.margin
4. D.mark -up
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Answer: D mark -up
39.
Salaries in arrears is treated in the balance sheet as a
1. A.current asset
2. B.current liability
3. C.long term liability
4. D.fixed asset
Show answerHide answer
Answer: B current liability
40.
Shares are said to be authorized when they are
1. A.paid -up
2. B.called up
3. C.offered for sale
4. D.subscribed
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Answer: C offered for sale
41.
Subscription in advance is treated in the balance sheet as a
1. A.fixed asset
2. B.long term liability
3. C.current asset
4. D.current liability
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Answer: D current liability
42.
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
1. A.appropriation account
2. B.profit and loss account
3. C.balance sheet
4. D.trading account
Show answerHide answer
Answer: A appropriation account
43.
The accounting system in which only one aspect of transaction is recorded is
1. A.single entry
2. B.single column cash book
3. C.original entry
4. D.double entry
Show answerHide answer
Answer: A single entry
44.
The Accounting term used to describe a partnership firm that stops operation and disposes its assets is
1. A.Amortization
2. B.Revaluation
3. C.Realization
4. D.Dissolution
Show answerHide answer
Answer: D Dissolution
45.
The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called
1. A.matching
2. B.business entity
3. C.going concern
4. D.historical cost
Show answerHide answer
Answer: C going concern
46.
The authority to transfer fund from one head to another within the same organization is called
1. A.fund
2. B.warrant
3. C.vote
4. D.virement
Show answerHide answer
Answer: D virement
47.
The authority warrant issued prior to the approval of the appropriate bill at the begining of the year
1. A.contigencies
2. B.reserved expenditure warrant
3. C.annual general warrant
4. D.provisional general warrant
Show answerHide answer
Answer: D provisional general warrant
48.
The discount column on the left-hand side of cash book represents a discount
1. A.received from a debtor
2. B.allowed to a creditor
3. C.allowed to a debtor
4. D.received from a creditor
Show answerHide answer
Answer: C allowed to a debtor
49.
The document issued by a revenue collector as evidence of payment to a government ministry is a
1. A.receipt voucher card
2. B.stores receipt voucher
3. C.treasury receipt
4. D.payment voucher
Show answerHide answer
Answer: A receipt voucher card
50.
The document which is legal charter of a company that defines the limits of a company's field of operation is known as
1. A.articles of association
2. B.equity share certificate
3. C.prospectus
4. D.memorandum of association
Show answerHide answer
Answer: D memorandum of association
51.
The effect of transaction when cash is paid into the bank is?
1. A.bank balance decrease and cash balance increase
2. B.cash balance decrease and bank balance increase
3. C.bank balance decrease and cash balance decrease
4. D.cash balance increase and bank balance increase
Show answerHide answer
Answer: B cash balance decrease and bank balance increase
52.
The following appears in the trading account except
1. A.carriage inward
2. B.opening stock
3. C.carriage outward
4. D.sales
Show answerHide answer
Answer: C carriage outward
53.
The following are importance of branch account except
1. A.it allows fraud and wastage of resources
2. B.it assist the organization to determine the performance of a branch manager
3. C.it enable the organization to determine the branch that is making either profit or loss
4. D.it allows proper control over the branch by the head office
Show answerHide answer
Answer: A it allows fraud and wastage of resources
54.
The following was extracted from the books of MEGA COMPANY NIG. LTD
₦
Trade debtors 350,000
Fixtures and fittings 600,000
Cash at bank 25,000
Cash in hand 5,500
Trade creditors 116,500
Bank overdraft 7,500
Building 950,000
Motor van 35,000
The working capital of the company is
1. A.₦156,000
2. B.₦280,000
3. C.₦565,000
4. D.₦256,500
Show answerHide answer
Answer: D ₦256,500
55.
The journal has the following headings except
1. A.date
2. B.debit
3. C.discount
4. D.credit
Show answerHide answer
Answer: C discount
56.
The main purpose of transaction file is?
1. A.to record assets and liabilities
2. B.to update income and expenses
3. C.to make organization decision
4. D.to update master files
Show answerHide answer
Answer: D to update master files
57.
The part of capital issued only at the time of liquidation of the company is
1. A.issued capital
2. B.called-up capital
3. C.paid-up capital
4. D.reserved capital
Show answerHide answer
Answer: D reserved capital
58.
The principle of double entry developed from the axioms of accounting equation is given as
1. A.Liabilties + Equity = Net assets
2. B.Assets + Equity = Liabilities
3. C.Liabilities + Equity = Assets
4. D.Assets + Liability = Equity
Show answerHide answer
Answer: C Liabilities + Equity = Assets
59.
The purchases ledger control account is also known as
1. A.bill payable control account
2. B.credit purchase control account
3. C.creditors control account
4. D.total purchase
Show answerHide answer
Answer: C creditors control account
60.
The short term solvency of a company is determined with ------- ratio
1. A.acid test
2. B.gross profit margin
3. C.debt to equity
4. D.current
Show answerHide answer
Answer: D current
61.
The use of three column cash book is determined by
1. A.trade discount
2. B.cash transaction
3. C.bank transaction
4. D.cash discount
Show answerHide answer
Answer: D cash discount
62.
When expenses are paid on behalf of the venture, the accounting entries is to debit
1. A.expenses account and credit bank account
2. B.bank account and credit joint venture account
3. C.joint venture account and credit bank account
4. D.joint venture account and credit expenses account
Show answerHide answer
Answer: C joint venture account and credit bank account
63.
When goods are received from head office, head office will be credited while
1. A.sales will be debited
2. B.requisition will be debited
3. C.issue will be debited
4. D.purchases will be debited
Show answerHide answer
Answer: D purchases will be debited
64.
When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except
1. A.uncredited cheque
2. B.credit transfer
3. C.dividend
4. D.unpresented cheque
Show answerHide answer
Answer: A uncredited cheque
65.
When the goods are sold on credit to a buyer, the account receivable account will be
1. A.debit and credit
2. B.contra entry
3. C.debited
4. D.credited
Show answerHide answer
Answer: C debited
66.
Which fund is used to meet unforeseen or urgent expenditure
1. A.special fund
2. B.contigencies fund
3. C.general reserve fund
4. D.consolidated reserve fund
Show answerHide answer
Answer: B contigencies fund
67.
Which of the following concepts recognizes the principle of double entry?
1. A.business entity
2. B.accrual
3. C.going concern
4. D.dual aspect
Show answerHide answer
Answer: D dual aspect
68.
Which of the following expenses is *not* apportined in proportion to turnover?
1. A.rent
2. B.commission
3. C.discount allowed
4. D.carriage outwards
Show answerHide answer
Answer: A rent
69.
Which of the following has the ultimate control of a company?
1. A.board of directors
2. B.employees
3. C.shareholders
4. D.management
Show answerHide answer
Answer: C shareholders
70.
Which of the following is charged to trading account?
1. A.rent
2. B.discount allowed
3. C.carriage inwards
4. D.carriage outwards
Show answerHide answer
Answer: C carriage inwards
71.
Which of the following is found on the credit side of a profit and loss account?
1. A.advertising
2. B.dividend received
3. C.wages and salaries
4. D.bank charges
Show answerHide answer
Answer: B dividend received
72.
Which of the following is not an advantage of control account?
1. A.difficulty in committing fraud
2. B.it can be used to detect missing figure
3. C.helps to determine profit and loss
4. D.helps in locating errors
Show answerHide answer
Answer: A difficulty in committing fraud
73.
Which of the following is not charged to manufacturing account?
1. A.raw materials
2. B.factory wages
3. C.direct expenses
4. D.distribution expenses
Show answerHide answer
Answer: D distribution expenses
74.
Which of the following is prepared to ascertain the trader's capital under incomplete records?
1. A.statement of affairs
2. B.statement of capital and liabilites
3. C.statement of complete records
4. D.income statement
Show answerHide answer
Answer: A statement of affairs
75.
Which of the following is recorded in the folio column of the journal?
1. A.particulars of transactions
2. B.date of entries
3. C.all credit and cash sales transactions
4. D.amount of money posted
Show answerHide answer
Answer: A particulars of transactions
76.
Which of the following is used in the public sector to monitor or control government expenditure?
1. A.sales day book
2. B.cash book
3. C.cheque
4. D.vote book
Show answerHide answer
Answer: D vote book
77.
Which of the following is used to service all operations of government?
1. A.general reserve fund
2. B.consolidated revenue fund
3. C.special operational fund
4. D.consolidated reserve fund
Show answerHide answer
Answer: B consolidated revenue fund
78.
Which of these is not a subsidiary books?
1. A.sales day book
2. B.purchase day book
3. C.credit note
4. D.return inward day book
Show answerHide answer
Answer: C credit note
79.
Which of these is not method of stock valuation?
1. A.FIFO method
2. B.Base method
3. C.Standard method
4. D.LIFO method
Show answerHide answer
Answer: C Standard method
80.
Which of these is the main source document for recording cash paid into bank?
1. A.invoice
2. B.credit note
3. C.cheque book
4. D.pay-in-slip
Show answerHide answer
Answer: D pay-in-slip

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#
Stock Jan 1	2600
Purchases	4000
Carriage inwards	500
Sales	9000
Carriage outwards	500

₦
Balance as per cash book	5467
Uncredited cheques	4410
Unpresented cheques	19404

₦
Debtors opening	4000
Debtors closing	1500
Cash received from debtors	8500
Bad debts written off	350
Discount allowed	500
Discount received	1000

₦
Plant and Machinery	190000
Motor Vehicle	170000
Stock	60000
Current Liabilities	50000
Purchase consideration	40000

₦	₦
Bal. b/f	3,250	Bal. b/f.	215
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
Bal c/d	4740
23,430	23430
Bal b/d	4740	Bal b/d	230

Drawings:	₦
Dairo	12000
Segun	18000
Capital:
Dairo	120000
Segun	60000

₦	₦
Capital	??	Fixtures and fittings	4,000
Stock	20,500
Sundry debtors	40,000
Creditors	18,000	Bank	??
78,650	78,650

₦	₦
Bal b/f	3,250	Bal b/f	125
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
Bal c/d	4740
23430	23430
Bal b/d	4740	Bal b/d	230

₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

₦
Trade debtors	350,000
Fixtures and fittings	600,000
Cash at bank	25,000
Cash in hand	5,500
Trade creditors	116,500
Bank overdraft	7,500
Building	950,000
Motor van	35,000