10 questions from the JAMB 2010 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2010Question 1 · Accounting Fundamentals
The major function of accounting bodies in Nigeria is to?
A.provide proper financial management of businesses
B.provide good remuneration to the members
C.promote the ethics of the profession
D.show the dynamic nature of the profession
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Answer: C. promote the ethics of the profession
Accounting bodies in Nigeria mainly promote the ethics of the profession.
JAMB 2010Question 2 · Branch and Control Accounts
The branch expenses paid by the head office is recorded in the books by debiting branch?
A.bad debt account and crediting branch debtor's account
B.expenses account and crediting bank account
C.profit and loss account and crediting branch stock account
D.discount allowed account and crediting branch debtors' account
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Answer: B. expenses account and crediting bank account
Branch expenses paid by head office: debit branch expenses account, credit bank account.
JAMB 2010Question 3 · Cash Book and Bank Reconciliation
The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?
A.dividend received
B.uncredited expenses
C.uncredited cheques
D.interest on lodgement
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Answer: C. uncredited cheques
Uncredited (outstanding) cheques lodged but not yet cleared overstate the cash book relative to the bank statement.
JAMB 2010Question 4 · Company and Partnership Accounts
The interest on partners' loans is?
A.debited in current account
B.credited in profit and loss account
C.debited in profit and loss account
D.credited in current account
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Answer: C. debited in profit and loss account
Interest on partners' loans is debited in the profit and loss account.
JAMB 2010Question 5 · Company and Partnership Accounts
An ordinary share of N80 was issued at N96. The share was issued at?
A.premium
B.par
C.discount
D.loss
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Answer: A. premium
A N80 share issued at N96 is issued at a premium.
JAMB 2010Question 6 · Final Accounts and Trial Balance
Use the information below to answer questions Sundry debtor..................N20,000 Provision for bad debts........N500 Provision for bad debt at 4% of sundry debtors. Calculate the provision to be taken to the balance sheet?
A.N780
B.N800
C.1200
D.N200
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Answer: B. N800
Provision to balance sheet = 4% x 20,000 = N800.
JAMB 2010Question 7 · Final Accounts and Trial Balance
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800. A provision of 2% was made for discount and 5% provision for bad and doubtful debts. Find the amount for sundry debtors after provision?
A.N760 000
B.N744800
C.N744 000
D.N784 000
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Answer: B. N744800
Sundry debtors after provisions = 800,000 x 0.95 x 0.98 = N744,800.
JAMB 2010Question 8 · Ledger, Journal, and Source Documents
The source documents include?
A.cash book
B.petty cash book
C.general ledger
D.credit notes
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Answer: D. credit notes
Credit notes are a type of source document.
JAMB 2010Question 9 · Manufacturing and Departmental Accounts
The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?
A.N7 000 loss
B.N5 000 loss
C.N5 000 profit
D.N7 000 profit
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Answer: A. N7 000 loss
Net result = -20,000 + 25,000 - 30,000 + 18,000 = N7,000 loss.
JAMB 2010Question 10 · Public Sector and Not-for-Profit Accounts
The financial plan of the government for a year is contained in the?
A.budget
B.cash analysis book
C.vote book
D.gazette
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Answer: A. budget
The government's financial plan for a year is contained in the budget.
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