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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 161· Final accounts of a sole trader· JAMB

    Carriage inwards is treated in the final accounts as

    Explanation and discussion

  2. Question 162· Final accounts of a sole trader· JAMB

    Sales were ₦900,000, returns inwards ₦20,000 and cost of goods sold ₦560,000. The gross profit is

    Explanation and discussion

  3. Question 163· Final accounts of a sole trader· JAMB

    Carriage inwards is treated as

    Explanation and discussion

  4. Question 164· Final accounts of a sole trader· JAMB

    Drawings appear in the statement of financial position as

    Explanation and discussion

  5. Question 165· 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 cost of goods sold?

    Explanation and discussion

  6. Question 166· 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 cost of sales of Okafor Stores.

    Explanation and discussion

  7. Question 167· Final accounts of a sole trader· JAMB

    Which of these is a non-current liability?

    Explanation and discussion

  8. Question 168· Incomplete records· JAMB

    Cash sales ₦30,000 and credit sales ₦90,000 give total sales of

    Explanation and discussion

  9. Question 169· Incomplete records· JAMB

    A statement of affairs is prepared to find the

    Explanation and discussion

  10. Question 170· Incomplete records· JAMB

    At the start of the year a trader had assets of ₦500,000 and liabilities of ₦150,000. Find the opening capital.

    Explanation and discussion

  11. Question 171· Incomplete records· JAMB

    Payments to suppliers ₦70,000; opening creditors ₦15,000; closing creditors ₦20,000. Credit purchases are

    Explanation and discussion

  12. Question 172· Incomplete records· JAMB

    A mark-up of 50% is equivalent to a margin of

    Explanation and discussion

  13. Question 173· Incomplete records· JAMB

    A mark-up of 50% on cost is equal to a margin on selling price of

    Explanation and discussion

  14. Question 174· Incomplete records· JAMB

    Cash received from debtors was ₦250,000; opening debtors ₦40,000; closing debtors ₦55,000. Find credit sales.

    Explanation and discussion

  15. Question 175· Incomplete records· JAMB

    Capital at start ₦50,000; capital at end ₦65,000; drawings ₦12,000; no new capital. Net profit is

    Explanation and discussion

  16. Question 176· Incomplete records· JAMB

    Closing capital is ₦420,000, opening capital ₦350,000 and drawings ₦60,000, with no new capital. Find the profit.

    Explanation and discussion

  17. Question 177· Incomplete records· JAMB

    Where records are incomplete, credit sales for the year can be found by preparing a

    Explanation and discussion

  18. Question 178· Incomplete records· JAMB

    Single-entry records are most commonly kept by

    Explanation and discussion

  19. Question 179· Incomplete records· JAMB

    Capital at the start of the year was ₦200,000 and at the end ₦260,000. The owner withdrew ₦30,000 and brought in additional capital of ₦20,000. The profit for the year is

    Explanation and discussion

  20. Question 180· Incomplete records· JAMB

    In incomplete records, total cash available and spent is reconstructed with a

    Explanation and discussion

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