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JAMB Accounts (Principles of Accounts) questions

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 21· Accounts of not-for-profit organisations· JAMB

    Subscriptions in arrears at the end of the year are shown in a club's balance sheet as

    Explanation and discussion

  2. Question 22· Accounts of not-for-profit organisations· JAMB

    A club's income and expenditure account is prepared on the

    Explanation and discussion

  3. Question 23· Accounts of not-for-profit organisations· JAMB

    A club's opening accumulated fund is found from

    Explanation and discussion

  4. Question 24· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance are shown as

    Explanation and discussion

  5. Question 25· Accounts of not-for-profit organisations· JAMB

    Subscriptions received during the year ₦90,000 include ₦6,000 for next year; ₦4,000 is owed for this year. Subscription income for the year is

    Explanation and discussion

  6. Question 26· Accounts of not-for-profit organisations· JAMB

    Donations received for a specific building project are best treated as

    Explanation and discussion

  7. Question 27· Accounts of not-for-profit organisations· JAMB

    A club prepares a bar trading account to

    Explanation and discussion

  8. Question 28· Accounts of not-for-profit organisations· JAMB

    A club received subscriptions of ₦120,000 during the year, including ₦8,000 paid in advance for next year and ₦5,000 arrears for last year. Subscriptions of ₦6,000 for this year are still owing. The subscription income for the year is

    Explanation and discussion

  9. Question 29· Accounts of not-for-profit organisations· JAMB

    In a club's accounts, the excess of income over expenditure is called

    Explanation and discussion

  10. Question 30· Accounts of not-for-profit organisations· JAMB

    Subscriptions received in advance at the year end are shown as

    Explanation and discussion

  11. Question 31· Accounts of not-for-profit organisations· JAMB

    The account of a club that summarises cash received and paid is the

    Explanation and discussion

  12. Question 32· Accounts of not-for-profit organisations· JAMB

    A deficit in a club's income and expenditure account means that

    Explanation and discussion

  13. Question 33· Accounts of not-for-profit organisations· JAMB

    In a club's balance sheet, the equivalent of capital is the

    Explanation and discussion

  14. Question 34· Accruals, prepayments and provisions· JAMB

    Wages paid ₦90,000; wages owing at year end ₦6,000. The charge to profit and loss is

    Explanation and discussion

  15. Question 35· Accruals, prepayments and provisions· JAMB

    Rent of ₦60,000 a year was charged, but ₦75,000 was paid during the year. The ₦15,000 difference is

    Explanation and discussion

  16. Question 36· Accruals, prepayments and provisions· JAMB

    Rent received in advance is shown in the balance sheet as

    Explanation and discussion

  17. Question 37· Accruals, prepayments and provisions· JAMB

    Rent received in advance at the year end is shown as

    Explanation and discussion

  18. Question 38· Accruals, prepayments and provisions· JAMB

    Bad debts of ₦4,000 are written off. The double entry is

    Explanation and discussion

  19. Question 39· Accruals, prepayments and provisions· JAMB

    Insurance of ₦36,000 was paid for the 12 months to 31 March 2027. The accounting year ends on 31 December 2026. The amount prepaid at the year end is

    Explanation and discussion

  20. Question 40· Accruals, prepayments and provisions· JAMB

    Rates of ₦48,000 paid on 1 April 2025 cover the 12 months to 31 March 2026. At 31 December 2025, how much is prepaid?

    Explanation and discussion

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