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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 41· Accruals, prepayments and provisions· JAMB

    December's electricity bill of ₦7,000 was unpaid at 31 December. The correct adjustment is to

    Explanation and discussion

  2. Question 42· Accruals, prepayments and provisions· JAMB

    Wages owing at the end of the year are shown in the balance sheet as a

    Explanation and discussion

  3. Question 43· Accruals, prepayments and provisions· JAMB

    Stationery bought ₦15,000; unused stock at year end ₦4,000. The stationery expense is

    Explanation and discussion

  4. Question 44· Accruals, prepayments and provisions· JAMB

    Insurance prepaid at the end of the year is shown as

    Explanation and discussion

  5. Question 45· Accruals, prepayments and provisions· JAMB

    Debtors are ₦80,000 and the provision for doubtful debts is to be 5%. The existing provision is ₦3,000. The amount charged to profit and loss is

    Explanation and discussion

  6. Question 46· Accruals, prepayments and provisions· JAMB

    Bad debts recovered are treated as

    Explanation and discussion

  7. Question 47· Accruals, prepayments and provisions· JAMB

    An increase in the provision for doubtful debts is

    Explanation and discussion

  8. Question 48· Accruals, prepayments and provisions· JAMB

    Provision for doubtful debts is 5% of debtors of ₦80,000. The previous provision was ₦3,000. The charge to profit and loss is

    Explanation and discussion

  9. Question 49· Accruals, prepayments and provisions· JAMB

    Commission of ₦12,000 earned but not yet received at the year end is shown in the balance sheet as

    Explanation and discussion

  10. Question 50· Accruals, prepayments and provisions· JAMB

    The allowance for doubtful debts is increased from ₦4,000 to ₦6,000. The income statement is charged with

    Explanation and discussion

  11. Question 51· Bank reconciliation statements· JAMB

    A bank reconciliation statement is prepared to

    Explanation and discussion

  12. Question 52· Bank reconciliation statements· JAMB

    On 30 June the cash book of Musa Traders showed a debit balance of ₦84,000. The following were discovered: 1. Cheques issued but not yet presented: ₦15,000 2. Cheques paid in but not yet credited by the bank: ₦9,000 3. Bank charges not entered in the cash book: ₦1,200 4. A dividend of ₦7,000 received directly by the bank, not entered in the cash book

    What is the adjusted cash book balance?

    Explanation and discussion

  13. Question 53· Bank reconciliation statements· JAMB

    Unpresented cheques are cheques that

    Explanation and discussion

  14. Question 54· Bank reconciliation statements· JAMB

    A customer's cheque paid into the bank was later dishonoured. In the cash book this is recorded by

    Explanation and discussion

  15. Question 55· Bank reconciliation statements· JAMB

    The cash book shows a debit bank balance of ₦45,000. Bank charges of ₦1,500 appear only on the bank statement. The corrected cash book balance is

    Explanation and discussion

  16. Question 56· Bank reconciliation statements· JAMB

    Interest allowed by the bank and shown only on the statement should be

    Explanation and discussion

  17. Question 57· Bank reconciliation statements· JAMB

    A direct credit by a customer into the bank, not yet in the cash book, should be

    Explanation and discussion

  18. Question 58· Bank reconciliation statements· JAMB

    A cheque for ₦4,500 paid to a supplier was entered in the cash book as ₦5,400. To correct this, the cash book should be

    Explanation and discussion

  19. Question 59· Bank reconciliation statements· JAMB

    A bank overdraft in the cash book appears as a balance on the

    Explanation and discussion

  20. Question 60· Bank reconciliation statements· JAMB

    Which of these items causes the bank statement balance to be higher than the cash book balance?

    Explanation and discussion

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