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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 61· Bank reconciliation statements· JAMB

    A standing order payment shown on the bank statement but not in the cash book should be

    Explanation and discussion

  2. Question 62· Bank reconciliation statements· JAMB

    Bank statement balance ₦45,000; unpresented cheques ₦9,000; uncredited deposits ₦5,000. The adjusted cash book balance is

    Explanation and discussion

  3. Question 63· Bank reconciliation statements· JAMB

    The bank statement shows ₦60,000 in hand. Unpresented cheques total ₦15,000 and uncredited lodgements ₦9,000. What should the cash book show?

    Explanation and discussion

  4. Question 64· 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 balance should the bank statement show?

    Explanation and discussion

  5. Question 65· Bank reconciliation statements· JAMB

    Uncredited lodgements are

    Explanation and discussion

  6. Question 66· Branch and departmental accounts· JAMB

    In departmental accounts, the wages of staff who work in only one department are charged to

    Explanation and discussion

  7. Question 67· Branch and departmental accounts· JAMB

    Transfers of goods between departments are recorded in order to

    Explanation and discussion

  8. Question 68· Branch and departmental accounts· JAMB

    Goods sent by head office to a branch but not yet received at the year end are

    Explanation and discussion

  9. Question 69· Branch and departmental accounts· JAMB

    The branch stock adjustment account records

    Explanation and discussion

  10. Question 70· Branch and departmental accounts· JAMB

    In branch accounts, goods sent to branch are recorded at cost price or

    Explanation and discussion

  11. Question 71· Branch and departmental accounts· JAMB

    Lighting costs shared among departments are best apportioned by

    Explanation and discussion

  12. Question 72· Branch and departmental accounts· JAMB

    Under the branch stock system, goods sent by head office to a branch are credited to the

    Explanation and discussion

  13. Question 73· Branch and departmental accounts· JAMB

    Rent of a departmental store is usually shared among departments on the basis of

    Explanation and discussion

  14. Question 74· Branch and departmental accounts· JAMB

    A branch that keeps its own full set of books is

    Explanation and discussion

  15. Question 75· Branch and departmental accounts· JAMB

    Expenses that cannot be traced to particular departments are

    Explanation and discussion

  16. Question 76· Branch and departmental accounts· JAMB

    Goods are sent to a branch at cost plus 25%. Goods invoiced at ₦250,000 cost head office

    Explanation and discussion

  17. Question 77· Branch and departmental accounts· JAMB

    Advertising expenses are commonly shared among departments in proportion to

    Explanation and discussion

  18. Question 78· Branch and departmental accounts· JAMB

    When goods are sent to a branch at selling price, the mark-up is held in the

    Explanation and discussion

  19. Question 79· Company accounts· JAMB

    Debenture holders of a company are

    Explanation and discussion

  20. Question 80· Company accounts· JAMB

    Interim dividends are

    Explanation and discussion

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