10 questions from the JAMB 2013 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2013Question 1 · Accounting Fundamentals
Accounting information seeks to provide
A.permanent records for all transactions
B.analysis of accounts to trade debtors
C.audited reports on the accounts of a company
D.data about the employees of a company
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Answer: A. permanent records for all transactions
Accounting information seeks to provide permanent records for all transactions.
JAMB 2013Question 2 · Company and Partnership Accounts
A partnership's internal regulations are set out by
A.a deed
B.a law
C.a constitution
D.an article
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Answer: A. a deed
A partnership deed sets out its internal regulations.
JAMB 2013Question 3 · Company and Partnership Accounts
Given: Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows; On application 46k On allotment 20k 1st Call 15k 2nd Call 19k How much is to be paid for application?
A.#230,000
B.#280,000
C.#500,000
D.#550,000
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Answer: A. #230,000
Application money = 500,000 x N0.46 = N230,000.
JAMB 2013Question 4 · Final Accounts and Trial Balance
When the debit side total of an account, it means that the account has
A.been overdrawn
B.been understand
C.debit balance
D.credit balance
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Answer: C. debit balance
A higher debit side total means the account has a debit balance.
JAMB 2013Question 5 · Final Accounts and Trial Balance
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
A.discount recieved account and credit Alaka's account
B.Alaka's account and credit discount recieved account
C.Saka's account and credit discount recieved account
D.discount allowed account and credit Alaka's account
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Answer: D. discount allowed account and credit Alaka's account
Saka (seller) records: debit discount allowed account, credit Alaka's account.
JAMB 2013Question 6 · Final Accounts and Trial Balance
Given: Opening capital - #1,500 Capital introduced - # 500 Profit for the year - # 800 Cash drawings - # 250 Calculate the closing capital
A.#2,550
B.#2,500
C.#2,350
D.#2,250
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Answer: A. #2,550
Closing capital = 1,500+500+800-250 = N2,550.
JAMB 2013Question 7 · Final Accounts and Trial Balance
Given: Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10,000 The adjusted capital as at 31/1/2007 is
A.#35,000
B.#39,000
C.#45,000
D.#46,000
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Answer: B. #39,000
Adjusted capital = 35,000+10,000-2,500-3,500 = N39,000.
JAMB 2013Question 8 · Manufacturing and Departmental Accounts
The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of
A.goods available for sale
B.goods sold
C.goods manufactured
D.materials put into production
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Answer: C. goods manufactured
Prime cost + indirect cost + opening WIP - closing WIP gives cost of goods manufactured.
JAMB 2013Question 9 · Manufacturing and Departmental Accounts
Department K Y Opening stock #2,500 #800 Purchases #120,000 #100,000 Sales #180,000 #200,000 Salaries #8,000 #30,000 Closing stock #3,000 #1,500 Rate expenses of #1,500 are apportioned in the ratio 1:2. The gross profit for K is
A.#23,500
B.#60,500
C.#60,700
D.#82,500
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Answer: B. #60,500
Gross profit for K = 180,000 - (2,500+120,000-3,000) = N60,500.
JAMB 2013Question 10 · Public Sector and Not-for-Profit Accounts
Accountant-general of the federation is responsible for
A.the general supervision of all auditing personnel in all the ministeries
B.the compilation of annual financial statement
C.the interpretation of rules and regulations affecting the private sectors
D.ensuring the efficient operation of the ministries
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Answer: B. the compilation of annual financial statement
The Accountant-General of the Federation compiles the annual financial statement.
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