2009 - JAMB Accounting Past Questions and Answers - page 1
1
Which of the following branches of accounting was first developed?
A
Cost accounting
B
Financial acounting
C
Management accounting
D
Petroleum accounting
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2
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
A
accruals
B
materiality
C
objectivity
D
periodicity
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3
The process of bookkeeping includes records produced from?
A
ledgers
B
source documents
C
minutes of meeting
D
imtuitive reasoning
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4
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
A
telephone N3,500 credit XYZ and KLM, N3,500
B
telephone N3,500, credit cash N3,500
C
sundries N3,500, credit KLM N3,500
D
sundries N3,500, credit telephone N3,500
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5
Given:
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?
A
N4 690 000
B
N2 620 000
C
N2 520 000
D
N1 565 000
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6
If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?
A
increase in assets and increase in capital
B
increase in assets and decrease in capital
C
decrease in capital and increase in assets
D
decrease in capital and decrease in assets
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7
Use the information to answer below to answer questions 7 and 8.
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?
A
i and ii
B
iv and v
C
iii and v
D
ii and iv
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8
Find the fixed assets?
A
i, ii and v
B
i, ii and iv
C
i, ii and iii
D
iii, iv and v
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9
Use the information above to answer question 9 and 10.
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
A
160
B
840
C
1000
D
1040
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10
What is the balance of cash with the petty cashier at the end of period 1?
A
220
B
780
C
980
D
1780
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