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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 141· Double entry and the ledger· JAMB

    Goods sold on credit to Femi for ₦18,000 are recorded by

    Explanation and discussion

  2. Question 142· Double entry and the ledger· JAMB

    Amina pays ₦30,000 of office cash into the business bank account. The entries are

    Explanation and discussion

  3. Question 143· Double entry and the ledger· JAMB

    Okon Motors, a motorcycle dealer, bought motorcycles worth ₦900,000 on credit from Dayo Ltd to sell to customers. The correct entry is

    Explanation and discussion

  4. Question 144· Double entry and the ledger· JAMB

    Commission received in cash is recorded by

    Explanation and discussion

  5. Question 145· Double entry and the ledger· JAMB

    Which of these accounts normally has a credit balance?

    Explanation and discussion

  6. Question 146· Double entry and the ledger· JAMB

    Which account normally has a debit balance?

    Explanation and discussion

  7. Question 147· Double entry and the ledger· JAMB

    Goods taken from the business by the owner for personal use should be recorded by

    Explanation and discussion

  8. Question 148· Final accounts of a sole trader· JAMB

    Which of these is a current asset?

    Explanation and discussion

  9. Question 149· Final accounts of a sole trader· JAMB

    Net profit ₦45,000 is added in the balance sheet to

    Explanation and discussion

  10. Question 150· Final accounts of a sole trader· JAMB

    Which of these appears in the balance sheet?

    Explanation and discussion

  11. Question 151· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the net purchases of Okafor Stores.

    Explanation and discussion

  12. Question 152· Final accounts of a sole trader· JAMB

    Net profit increases the owner's capital because profit

    Explanation and discussion

  13. Question 153· Final accounts of a sole trader· JAMB

    The following appear in the trading account EXCEPT

    Explanation and discussion

  14. Question 154· Final accounts of a sole trader· JAMB

    A balance sheet shows the

    Explanation and discussion

  15. Question 155· Final accounts of a sole trader· JAMB

    A long-term loan repayable in eight years is shown under

    Explanation and discussion

  16. Question 156· Final accounts of a sole trader· JAMB

    Gross profit was ₦250,000, expenses ₦140,000 and discount received ₦6,000. The net profit is

    Explanation and discussion

  17. Question 157· Final accounts of a sole trader· JAMB

    Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000

    What is the gross profit for the year?

    Explanation and discussion

  18. Question 158· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the gross profit of Okafor Stores.

    Explanation and discussion

  19. Question 159· Final accounts of a sole trader· JAMB

    Current assets ₦180,000 and current liabilities ₦60,000 give a current ratio of

    Explanation and discussion

  20. Question 160· Final accounts of a sole trader· JAMB

    Sales ₦250,000; returns inwards ₦10,000; cost of sales ₦150,000. Gross profit is

    Explanation and discussion

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