Accounting past questions: JAMB UTME 2024

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

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

1.
#
Stock 1/1/09: Raw materials 2000
Work-in-progress 5000
Stock 31/12/09: Raw materials 500
Work-in-progress 4000
Raw materials purchased 18000
Direct labour 7500
Direct expenses 3000
Factory expenses 10000
The raw materials available for production is ___
1. A.18,500
2. B.#20,000
3. C.#19,500
4. D.#38,000
Show answerHide answer
Answer: D #38,000
2.
#
Stock 1/1/09: Raw materials 20000
Work-in-progress 5000
Stock 31/12/09: Raw materials 500
Work in progress 4000
Raw materials purchased 18000
Direct labour 7500
Direct expenses 3000
Factory expenses 10000
The value of raw materials consumed is
1. A.#18,500
2. B.#19,500
3. C.#26,000
4. D.#37,500
Show answerHide answer
Answer: D #37,500
3.
#
Stock 1/1/09 2200
Purchases 18000
Sales 27000
Salaries 1500
Rejection in doubtful debts 500
Office expenses 1100
Other expenses 1300
Stock 31/12/09 1000
The cost of goods sold is
1. A.#21,200
2. B.#20,200
3. C.#19,200
4. D.#18,800
Show answerHide answer
Answer: C #19,200
4.
#
Stock 1/1/09 2200
Purchases 18000
Sales 27000
Salaries 1500
Rejection in doubtful debts 500
Office expenses 1100
Other expenses 1300
Stock 31/12/09 1000
The net profit is
1. A.#3,400
2. B.#4,400
3. C.#3,900
4. D.#3,800
Show answerHide answer
Answer: A #3,400
5.
#
Stock 1/1/09 2200
Purchases 18000
Sales 27000
Salaries 1500
Rejection in doubtful debts 500
Office expenses 1100
Other expenses 1300
Stock 31/12/09 1000
The total expenses is
1. A.#3,900
2. B.#3,800
3. C.#4,400
4. D.#3,400
Show answerHide answer
Answer: A #3,900
6.
# #
Debtors 2000 6000
Stock 1000 1300
Discount allowed 500
Cash received from debtors 10000
Sales for the year is
1. A.#14,000
2. B.#10,500
3. C.#14,500
4. D.#16,500
Show answerHide answer
Answer: A #14,000
7.
A commission of #5000 to a sales manager was debited to debtors account. This is an error of
1. A.commission
2. B.principle
3. C.original entry
4. D.compensation
Show answerHide answer
Answer: B principle
8.
A list of all debit and credit balances from the ledger accounts are made in the
1. A.cash book
2. B.trial balance
3. C.balance sheet
4. D.profit and loss account
Show answerHide answer
Answer: B trial balance
9.
A method of stock valuation is
1. A.accural
2. B.owing
3. C.advance
4. D.SAP
Show answerHide answer
Answer: D SAP
10.
A method that is beneficial for tax purposes in inflationary times is?
1. A.LIFO
2. B.SAP
3. C.FIFO
4. D.WAP
Show answerHide answer
Answer: A LIFO
11.
A partner whose liability does not extend beyond the amount of capital contributed by him is known as
1. A.general partner
2. B.active partner
3. C.limited partner
4. D.legal partner
Show answerHide answer
Answer: C limited partner
12.
A person who prepares, analyses and interprets financial statements is known as a/an
1. A.cashier
2. B.book keeper
3. C.accountant
4. D.analyst
Show answerHide answer
Answer: C accountant
13.
A public limited liability company can get additional fund through the issue of
1. A.cheque
2. B.accumulated fund
3. C.consolidated fund
4. D.debenture
Show answerHide answer
Answer: D debenture
14.
An amount paid in cash to John is Dr to John and Cr to
1. A.bank
2. B.debtors
3. C.cash
4. D.capital
Show answerHide answer
Answer: C cash
15.
An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?
1. A.#990
2. B.#900
3. C.#729
4. D.#810
Show answerHide answer
Answer: C #729
16.
An equipment costing #9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. Using the straight-line method, what is the depreciation charge for the second year?
1. A.#810
2. B.#900
3. C.#990
4. D.#1,000
Show answerHide answer
Answer: A #810
17.
An example of accounts in the nominal ledger is
1. A.debtors
2. B.drawings
3. C.creditors
4. D.machineries
Show answerHide answer
Answer: B drawings
18.
An example of fictitious assets is
1. A.stock
2. B.overdraft
3. C.goodwill
4. D.profit
Show answerHide answer
Answer: C goodwill
19.
Depriciation is?
1. A.an appropriation of profit
2. B.estimated life of an asset
3. C.loss in the value of fixed asset
4. D.increase in asset value
Show answerHide answer
Answer: C loss in the value of fixed asset
20.
Goods bought on credit are first entered in the
1. A.cash book
2. B.journal proper
3. C.sales day book
4. D.purchases day book
Show answerHide answer
Answer: D purchases day book
21.
Goodwill is taken into account in partnership business when
1. A.the business is being dissolved
2. B.the business has good customer relations
3. C.a new partner is admitted
4. D.when the business is making huge profit
Show answerHide answer
Answer: C a new partner is admitted
22.
Ifedapo Local Council has the following details for 2008
#
Fines 5000
Allocation from state government 20000
Tenement rates 10000
Licences 12000
Hospital beds 8000
Ambulance 13000
Salaries 15000
Vehicles fueling 7000
The council's expenditure for the year was
1. A.#43,000
2. B.#35,000
3. C.#30,000
4. D.#22,000
Show answerHide answer
Answer: D #22,000
23.
Ifedapo Local Council has the following details for 2008
#
Fines 5000
Allocation from state government 20000
Tenement rates 10000
Licences 12000
Hospital beds 8000
Ambulance 13000
Salaries 15000
Vehicles fueling 7000
The council's expenditure was
1. A.#28,000
2. B.#21,000
3. C.#20,000
4. D.#13,000
Show answerHide answer
Answer: B #21,000
24.
Ifedapo Local Council has the following details for 2008
#
Fines 5000
Allocation from state government 20000
Tenement rates 10000
Licences 12000
Hospital beds 8000
Ambulance 13000
Salaries 15000
Vehicles fueling 7000
The Local Council's revenue for 2008 was
1. A.#47,000
2. B.#37,000
3. C.#42,000
4. D.#27,000
Show answerHide answer
Answer: A #47,000
25.
In government accounting, money allocated to each head and sub-heads is referred to as
1. A.allocation
2. B.imprest
3. C.vote
4. D.float
Show answerHide answer
Answer: C vote
26.
Issue of prospectus is an invitation to the Public to
1. A.register a company
2. B.liquidate a company
3. C.redeem all outstanding shares
4. D.subscribe for share
Show answerHide answer
Answer: D subscribe for share
27.
Ordinary shares are also known as
1. A.net worth
2. B.equity
3. C.loan
4. D.reserve
Show answerHide answer
Answer: B equity
28.
Pending the location of an error, the difference in the Trial Balance is posted to a __
1. A.control
2. B.profit and loss appropriation
3. C.profit and loss
4. D.suspense
Show answerHide answer
Answer: D suspense
29.
Peripherals are used in computer to describe
1. A.inputs, output and storage devices
2. B.computer types
3. C.method of inputting data
4. D.computer functions
Show answerHide answer
Answer: A inputs, output and storage devices
30.
Prime cost consist of direct material and ___ cost
1. A.overhead
2. B.direct
3. C.indirect
4. D.factory
Show answerHide answer
Answer: B direct
31.
Purchase Ledger Control Account
# #
Cash paid to debtors 15000 Balance c/d 5000
Bills payable 3000 Purchase journal 30000
Discount receive 2500
Return outward 1500
Sales ledger 1200
Balance c/d 11800
35000 35000
The amount #30,000 represents
1. A.cash purchases
2. B.cash paid to supplier
3. C.credit purchases
4. D.amount due from supplier
Show answerHide answer
Answer: C credit purchases
32.
Purchase Ledger Control Account
# #
Cash paid to debtors 15000 Balance c/d 5000
Bills payable 3000 Purchase journal 30000
Discount receive 2500
Return outward 1500
Sales ledger 1200
Balance c/d 11800
35000 35000
The balance of #11,800 represents the amount
1. A.of balance required
2. B.of purchases made
3. C.receivable from creditor
4. D.payable to the creditor
Show answerHide answer
Answer: D payable to the creditor
33.
Purchase Ledger Control Account
# #
Cash paid to debtors 15000 Balance c/d 5000
Bills payable 3000 Purchase journal 30000
Discount receive 2500
Return outward 1500
Sales ledger 1200
Balance c/d 11800
35000 35000
The item sales ledger #1,200 represents
1. A.cash paid to supplier
2. B.amount due from suppliers
3. C.cash purchases
4. D.credit purchase
Show answerHide answer
Answer: B amount due from suppliers
34.
Rent accrued at the end of an accounting period is a
1. A.current asset
2. B.fixed asset
3. C.current liability
4. D.capital
Show answerHide answer
Answer: C current liability
35.
Shares issued free of charge to existing shareholders based on their previous holdings is __ issue
1. A.accrued
2. B.premium
3. C.floating
4. D.bonus
Show answerHide answer
Answer: D bonus
36.
Suppliers accounts are found in the
1. A.private
2. B.purchase
3. C.nominal
4. D.general
Show answerHide answer
Answer: B purchase
37.
The amount by which assets exceeds liabilities is
1. A.capital
2. B.premium
3. C.bonus
4. D.provision
Show answerHide answer
Answer: A capital
38.
The amount paid by the buyer of a business which is sold as going concern is
1. A.purchase consideration
2. B.conversion fees
3. C.consolidation fees
4. D.premium fees
Show answerHide answer
Answer: A purchase consideration
39.
The basic accounting equation is
1. A.Assets Liabilities = Owner's Equity
2. B.Assets + Expenses = Liabilities + Equity
3. C.Assets + Liabilities = Owner's Equity
4. D.Revenue - Expenses = Profit
Show answerHide answer
Answer: C Assets + Liabilities = Owner's Equity
40.
The chief accounting officer of the Federation is
1. A.Auditor General
2. B.Minister of Economic Planning
3. C.Chief Accountant
4. D.Accountant General
Show answerHide answer
Answer: D Accountant General
41.
The coming together of two sole trading businesses to form a partnership is
1. A.combination
2. B.acquisition
3. C.amalgamation
4. D.association
Show answerHide answer
Answer: C amalgamation
42.
The document used in making lodgments into a current account is
1. A.paying in -slip
2. B.cheque book
3. C.pass book
4. D.credit card
Show answerHide answer
Answer: A paying in -slip
43.
The following accounts have debit balances except
1. A.share premium
2. B.rents and rates
3. C.return inwards
4. D.advertising
Show answerHide answer
Answer: A share premium
44.
The following are causes of discrepancies between the cash book and the bank statement balances except
1. A.errors
2. B.bank charges
3. C.standing order
4. D.bank deposit
Show answerHide answer
Answer: D bank deposit

45.

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Factory overhead cost is

A.#63,500
B.#68,500
C.#58,500
D.#12,800

Show answer

Answer: A #63,500

46.

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

The prime cost is

A.#500,000
B.#527,500
C.#530,000
D.#463,000

Show answer

Answer: A #500,000

47.

The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Cost of goods produced is

A.#520,000
B.#530,000
C.#558,500
D.#559,000

Show answer

Answer: C #558,500

48.
The following balances were extracted from the books of Adama Ltd on 31st August 2007
#
Sales 200000
Drawings 10000
Land and building 70000
Furniture 10000
Debtors 50000
Creditors 35000
Capital 85000
Bank 10000
General expenses 10000
Stock ( 31-08-2007) 10000
Purchases 140000
Stock (1-09- 2006) 20000
Percentage of net profit to sale is
1. A.10%
2. B.40%
3. C.30%
4. D.20%
Show answerHide answer
Answer: D 20%
49.
The following balances were extracted from the books of Adama Ltd on 31st August 2007
#
Sales 200000
Drawings 10000
Land and building 70000
Furniture 10000
Debtors 50000
Creditors 35000
Capital 85000
Bank 10000
General expenses 10000
Stock ( 31-08-2007) 10000
Purchases 140000
Stock (1-09- 2006) 20000
The current ratio is
1. A.3:1
2. B.2:1
3. C.1:1
4. D.1.2:1
Show answerHide answer
Answer: B 2:1
50.
The following balances were extracted from the books of Adama Ltd on 31st August 2007
#
Sales 200000
Drawings 10000
Land and building 70000
Furniture 10000
Debtors 50000
Creditors 35000
Capital 85000
Bank 10000
General expenses 10000
Stock ( 31-08-2007) 10000
Purchases 140000
Stock (1-09- 2006) 20000
The gross profit is
1. A.#40,000
2. B.#50,000
3. C.#70,000
4. D.#60,000
Show answerHide answer
Answer: B #50,000
51.
The following balances were extracted from the books of Adama Ltd on 31st August 2007
#
Sales 200000
Drawings 10000
Land and building 70000
Furniture 10000
Debtors 50000
Creditors 35000
Capital 85000
Bank 10000
General expenses 10000
Stock ( 31-08-2007) 10000
Purchases 140000
Stock (1-09- 2006) 20000
Total fixed assets is
1. A.#70,000
2. B.#150,000
3. C.#165,000
4. D.#80,000
Show answerHide answer
Answer: D #80,000
52.
The following balances were extracted from the books of Onuoha, a trader on 31st December 2005
Audit fee 12000
General expenses 30000
Purchases 70000
Commission paid 30000
Stock (1 - 01 - 2005) 10000
Stock ( 31 - 12 - 2005) 15000
Sales 120000
The gross profit is
1. A.#35,000
2. B.#45,000
3. C.#55,000
4. D.#25,000
Show answerHide answer
Answer: C #55,000
53.
The following extracts are made from the books of Agama Enterprises.
Motor van (cost) 120000
Life span 4 years
rate of Depreciation 40%
Method of depreciation used is Diminishing Balance The depreciation charge for year two is
1. A.#28,800
2. B.#48,000
3. C.#17,280
4. D.#10,370
Show answerHide answer
Answer: A #28,800
54.
The following extracts are made from the books of Agama Enterprises.
Motor van (cost) 120000
Life span 4 years
rate of Depreciation 40%
Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is
1. A.#15,552
2. B.#10,368
3. C.#10,375
4. D.#17,280
Show answerHide answer
Answer: B #10,368
55.
The ledger containing the accounts of debtors and creditors is
1. A.impersonal
2. B.personal
3. C.nominal
4. D.real
Show answerHide answer
Answer: B personal
56.
The net worth of a business is the
1. A.bank loan
2. B.capital
3. C.asset
4. D.debenture
Show answerHide answer
Answer: B capital
57.
The opening stock at the beginning of an accounting period represents
1. A.goods returned from last accounting period
2. B.cost of goods sold
3. C.cost of goods purchased
4. D.goods available for sale
Show answerHide answer
Answer: D goods available for sale
58.
The permanent memory of a computer is the
1. A.ROM
2. B.RAM
3. C.ALU
4. D.CPU
Show answerHide answer
Answer: A ROM
59.
The return on debenture holding is
1. A.share bonus
2. B.interest
3. C.net profit
4. D.dividend
Show answerHide answer
Answer: B interest
60.
The reward given to debenture holder is
1. A.interest
2. B.dividend
3. C.profit
4. D.premium
Show answerHide answer
Answer: A interest
61.
The short term solvency of a company is determined with ___ ratio
1. A.debtors to equity
2. B.current
3. C.acid test
4. D.gross profit margin
Show answerHide answer
Answer: C acid test
62.
The term "set off" in control account is also called
1. A.brought forward
2. B.contra entry
3. C.direct transfer
4. D.bad debt
Show answerHide answer
Answer: B contra entry
63.
The value of assets on dissolution of partnership is debited to realization account and credited to ___ account
1. A.bank
2. B.asset
3. C.dissolution
4. D.cash
Show answerHide answer
Answer: D cash
64.
Tolu purchased a machine for #6,000 on credit. The effect is to debit.. supplier and credit the account of the
1. A.machinery
2. B.creditor
3. C.cash
4. D.debtor
Show answerHide answer
Answer: A machinery
65.
When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account
1. A.suspense
2. B.expense
3. C.creditor
4. D.debtor
Show answerHide answer
Answer: D debtor
66.
When manufactured goods are transferred to the trading account at the market price, the difference is credited to the
1. A.manufacturing account
2. B.balance sheet
3. C.trading account
4. D.profit and loss account
Show answerHide answer
Answer: D profit and loss account
67.
When shares are over-subscribed, directors may decide to scale down the number of shareholding by alloting shares at ___
1. A.discount
2. B.par
3. C.premium
4. D.prorata
Show answerHide answer
Answer: D prorata
68.
Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest
1. A.2%
2. B.15%
3. C.10%
4. D.5%
Show answerHide answer
Answer: D 5%
69.
Which of the following bodies regulates accounting practices in Nigeria?
1. A.ANAN
2. B.EFCC
3. C.NIB
4. D.NIT
Show answerHide answer
Answer: A ANAN
70.
Which of the following is a characteristics of a limited liability company?
1. A.death of a shareholder dissolves the company
2. B.Owned by the directors
3. C.separated from the owners
4. D.profits are shared equally
Show answerHide answer
Answer: C separated from the owners
71.
Which of the following is a function of the operating system of a computer?
1. A.controls the input and output peripherals
2. B.used to enter data
3. C.has magnetic surface for storage
4. D.used to display data
Show answerHide answer
Answer: A controls the input and output peripherals
72.
Which of the following is a subsidiary book as well as a ledger?
1. A.cash book
2. B.general journal
3. C.returns outward book
4. D.purchases day book
Show answerHide answer
Answer: A cash book
73.
Which of the following is a written acknowledgement of a loan to a company?
1. A.debt
2. B.retained profit
3. C.reserve
4. D.debenture
Show answerHide answer
Answer: D debenture
74.
Which of the following is an example of a device that can be used for input, storage, and output in a computer system?
1. A.Central processing unit (CPU)
2. B.Keyboard
3. C.USB flash drive
4. D.Monitor
Show answerHide answer
Answer: C USB flash drive
75.
Which of the following is not required in preparing a statement of affairs?
1. A.fixed assets
2. B.net profit
3. C.accruals
4. D.cash in hand
Show answerHide answer
Answer: B net profit
76.
Who among the following developed the idea of double entry book-keeping?
1. A.FrankWood
2. B.Omuya James
3. C.James Lucas
4. D.Francia Luca Pacioli
Show answerHide answer
Answer: D Francia Luca Pacioli

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#
Stock 1/1/09: Raw materials	2000
Work-in-progress	5000
Stock 31/12/09: Raw materials	500
Work-in-progress	4000
Raw materials purchased	18000
Direct labour	7500
Direct expenses	3000
Factory expenses	10000

#
Stock 1/1/09: Raw materials	20000
Work-in-progress	5000
Stock 31/12/09: Raw materials	500
Work in progress	4000
Raw materials purchased	18000
Direct labour	7500
Direct expenses	3000
Factory expenses	10000

#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

#	#
Debtors	2000	6000
Stock	1000	1300
Discount allowed	500
Cash received from debtors	10000

#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

#	#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
35000	35000

#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Audit fee	12000
General expenses	30000
Purchases	70000
Commission paid	30000
Stock (1 - 01 - 2005)	10000
Stock ( 31 - 12 - 2005)	15000
Sales	120000

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%