10 questions from the JAMB 2015 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2015Question 1 · Accounting Fundamentals
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is
A.Materiality
B.Accrual
C.Going concern
D.Business entity
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Answer: A. Materiality
The materiality concept allows low-value items like cutlery to be expensed immediately.
JAMB 2015Question 2 · Accounting Fundamentals
The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is
A.periodicity
B.business entity
C.dual aspect
D.going concern
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Answer: D. going concern
The going concern concept assumes a business continues into the foreseeable future.
JAMB 2015Question 3 · Cash Book and Bank Reconciliation
In a bank reconciliation statement, Dishonoured cheques is added to
A.unpresented cheques
B.uncredited cheques
C.statement of account
D.aggregate balanace as per cash book
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Answer: D. aggregate balanace as per cash book
Dishonoured cheques are added to the aggregate balance as per the cash book.
JAMB 2015Question 4 · Company and Partnership Accounts
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided .
A.equally
B.in accordance with an established
C.in proportion of current account balances
D.in proportion of weighted average of capital
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Answer: A. equally
Without a specific agreement, partnership profit is divided equally.
JAMB 2015Question 5 · Company and Partnership Accounts
Preliminary expenses is an example of
A.fictitious assets
B.liquid assets
C.wasting assets
D.tangible assets
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Answer: A. fictitious assets
Preliminary expenses are an example of fictitious assets.
JAMB 2015Question 6 · Final Accounts and Trial Balance
The following accounting entries are made when bad debt is recovered
A.debit bad debts accounts and credit bad debt recovered account
B.debit debtors accounts and recovered account
C.debit bad debts recovered account and credit bad debts account
D.debit bad debts account and credit profit and loss account
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Answer: B. debit debtors accounts and recovered account
Bad debt recovered: debit debtors/cash account, credit bad debts recovered account.
JAMB 2015Question 7 · Final Accounts and Trial Balance
If a trail balance is in agreement, one of the statement is untrue
A.the accounting system is error free
B.equal debit entries and credit entries were recorded for each transaction
C.the debit and credit from the journal were posted to the accounts
D.account balances were correctly computed
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Answer: A. the accounting system is error free
A trial balance agreeing does not mean the accounting system is error free.
JAMB 2015Question 8 · Final Accounts and Trial Balance
Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.
JAMB 2015Question 9 · Manufacturing and Departmental Accounts
The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------
A.conversion
B.control
C.allocation
D.analysis
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Answer: B. control
Adjusting after comparing actual with targeted cost is cost control.
JAMB 2015Question 10 · Public Sector and Not-for-Profit Accounts
Use the following information to answer this question. Club building 400,000 Subscription prepaid 3,000 Sport kits 150,000 Bar creditors 85,000 Subscription owing 32,000 What is the club’s total liabilities
A.N11, 700
B.N26, 700
C.N88, 000
D.N85, 000
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Answer: C. N88, 000
Total liabilities = Bar creditors(85,000) + Subscription prepaid(3,000) = N88,000.
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