10 questions from the JAMB 2011 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2011Question 1 · Accounting Fundamentals
The historical development of accounting reveals that it?
A.deals with debit and credit of items
B.is a product of financial development
C.is a product of its own evironmnent
D.is an ideal subject for finacial development
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Answer: C. is a product of its own evironmnent
Accounting's historical development shows it is a product of its own environment.
JAMB 2011Question 2 · Branch and Control Accounts
The correct entries to record goods transferred to branch from head office is to debit?
A.branch stock account and credit goods sent to branch account
B.branch supplies account and credit branch stock account
C.branch stock account and credit purchases account
D.goods sent to branch account and credit branch stock account
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Answer: A. branch stock account and credit goods sent to branch account
Goods transferred to branch: debit branch stock account, credit goods sent to branch account.
JAMB 2011Question 3 · Cash Book and Bank Reconciliation
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
A.balance as per bank statement
B.bank balance as per adjusted cash book
C.aggregate balance as per cash book
D.bank balance as per cash book
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Answer: B. bank balance as per adjusted cash book
Interest on overdrawn balances is added to the bank balance per the adjusted cash book.
JAMB 2011Question 4 · Company and Partnership Accounts
The interest on Keme's drawings is calculated as?
A.N200
B.N150
C.N300
D.N100
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Answer: A. N200
Interest on Keme's drawings = 10% x N2,000 = N200.
JAMB 2011Question 5 · Final Accounts and Trial Balance
In a trial balance, income and liabilities are?
A.debited and credited respectively
B.credited
C.credited and debited respectively
D.debited
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Answer: B. credited
Income and liabilities both carry credit balances in a trial balance.
JAMB 2011Question 6 · Final Accounts and Trial Balance
Use the information below to answer question . Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided. Calculate the cash discount?
A.N60
B.N90
C.N40
D.N100
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Answer: A. N60
Cash discount = 15% of N400 = N60.
JAMB 2011Question 7 · Final Accounts and Trial Balance
The item on the credit side of the trading account is the?
A.returns outwards
B.caarriage on sales
C.sales
D.purchases
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Answer: C. sales
Sales appears on the credit side of the trading account.
JAMB 2011Question 8 · Manufacturing and Departmental Accounts
The cost that are directly traceable to the the goods being produced is?
A.party manufactured goods
B.overhead cost
C.total factory expenses
D.prime cost
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Answer: D. prime cost
Prime cost consists of costs directly traceable to goods produced.
JAMB 2011Question 9 · Public Sector and Not-for-Profit Accounts
The major festure of not-for-profit-making-organization is that they are formed?
A.to use accumulated fund to described the net amount owed to members
B.mainly to improve the welfare of her member
C.to engaged in trading activities to sponsor its activities
D.in order to compute the receipts and payment account
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Answer: B. mainly to improve the welfare of her member
Not-for-profit organizations are mainly formed to improve members' welfare.
JAMB 2011Question 10 · Public Sector and Not-for-Profit Accounts
Which of the following is a signatory to federal government account?
A.Auditor-General
B.Governor of Central Bank
C.Accountant-General
D.Persident
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Answer: C. Accountant-General
The Accountant-General is a signatory to the federal government account.
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