JAMB Accounts (Principles of Accounts) questions

312 questions with answers and explanations. Tap an option to check yourself.

1. Question 241· Petty cash and the imprest system· JAMB

   A petty cash float of ₦20,000 has ₦3,500 left. The amount reimbursed is

   • A₦23,500
   • B₦3,500
   • C₦20,000
   • D₦16,500

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   Explanation and discussion

2. Question 242· Petty cash and the imprest system· JAMB

   The analysis columns of a petty cash book help to

   • Ashow the bank balance
   • Brecord credit sales
   • Ccalculate depreciation
   • Dshow expenses by type for posting

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   Explanation and discussion

3. Question 243· Petty cash and the imprest system· JAMB

   Under the imprest system, the petty cashier is reimbursed with

   • Aa fixed amount every month
   • Bthe opening float only
   • Cthe amount spent during the period
   • Dthe balance left in the box

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   Explanation and discussion

4. Question 244· Petty cash and the imprest system· JAMB

   The petty cash book is usually balanced

   • Aat the end of each period when the imprest is restored
   • Bdaily
   • Cyearly only
   • Dnever

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   Explanation and discussion

5. Question 245· Public sector accounting· JAMB

   A supplementary appropriation is passed when

   • Athe approved funds prove insufficient during the year
   • Bthe budget is in surplus
   • Crevenue is too high
   • Dthe year has ended

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   Explanation and discussion

6. Question 246· Public sector accounting· JAMB

   The Accountant-General of the Federation is responsible for

   • Aauditing them
   • Bmanaging government accounts and preparing its financial statements
   • Capproving the budget
   • Dprinting money

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   Explanation and discussion

7. Question 247· Public sector accounting· JAMB

   The Fiscal Responsibility Act 2007 aims mainly to

   • Afix exchange rates
   • Bregulate banks
   • Ccontrol elections
   • Dpromote prudent management of public finances

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   Explanation and discussion

8. Question 248· Public sector accounting· JAMB

   Government's estimate of revenue and expenditure for a year is the

   • Abalance sheet
   • Bbudget (appropriation)
   • Ctrial balance
   • Dcash book

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   Explanation and discussion

9. Question 249· Public sector accounting· JAMB

   The transfer of savings from one expenditure head to another with approval is called

   • Awarrant
   • Bvote book
   • Cimprest
   • Dvirement

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   Explanation and discussion

10. Question 250· Public sector accounting· JAMB

    The International Public Sector Accounting Standards adopted by Nigeria require government accounts to be prepared on

    • Aa barter basis
    • Ba cash basis only
    • Cthe accrual basis
    • Dno fixed basis

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    Explanation and discussion

11. Question 251· Public sector accounting· JAMB

    Capital expenditure in a government budget is spent on

    • Along-term assets such as roads and hospitals
    • Bsalaries
    • Coffice overheads
    • Dinterest on debt

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    Explanation and discussion

12. Question 252· Public sector accounting· JAMB

    The document that authorises government ministries to spend approved funds is the

    • Awarrant
    • Binvoice
    • Creceipt
    • Ddelivery note

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    Explanation and discussion

13. Question 253· Public sector accounting· JAMB

    Capital expenditure by government includes

    • Abuilding new hospitals and roads
    • Bpaying salaries
    • Cbuying stationery
    • Dpaying electricity bills

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    Explanation and discussion

14. Question 254· Public sector accounting· JAMB

    The document that authorises the release of funds after the Appropriation Act has been passed is the

    • Asupplementary estimate
    • Bannual general warrant
    • Cvirement
    • Dtreasury receipt

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    Explanation and discussion

15. Question 255· Public sector accounting· JAMB

    The main source of revenue for most state governments in Nigeria is

    • Aimport licences
    • Bcustoms duties
    • Cpetroleum profits tax collected by states
    • Dstatutory allocation from the Federation Account

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16. Question 256· Public sector accounting· JAMB

    Recurrent expenditure includes

    • Abuying new aircraft
    • Bbuilding new roads
    • Csalaries and overheads
    • Dconstructing dams

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    Explanation and discussion

17. Question 257· Public sector accounting· JAMB

    The officer responsible for auditing the accounts of the Federal Government of Nigeria is the

    • AAuditor-General for the Federation
    • BAccountant-General of the Federation
    • CMinister of Finance
    • DGovernor of the Central Bank

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    Explanation and discussion

18. Question 258· Public sector accounting· JAMB

    Revenue collected by the Federal Government of Nigeria is paid into the

    • AConsolidated Revenue Fund
    • BContingencies Fund
    • CDevelopment Fund
    • DSinking Fund

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    Explanation and discussion

19. Question 259· Public sector accounting· JAMB

    Public sector accounting differs from private sector accounting mainly because its main aim is

    • Aprofit maximisation
    • Baccountability for public funds rather than profit
    • Cpayment of dividends
    • Dthe sale of shares

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    Explanation and discussion

20. Question 260· Public sector accounting· JAMB

    In Nigeria, the Appropriation Act for the federal budget is passed by the

    • AAccountant-General of the Federation
    • BNational Assembly
    • CAuditor-General for the Federation
    • DCentral Bank of Nigeria

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    Explanation and discussion