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JAMB Accounting Past Questions 2017

10 questions from the JAMB 2017 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.

JAMB 2017Question 1 · Accounting Fundamentals
What is the main purpose of transaction file?
  1. A.To record assets and liabilities
  2. B.To update income and expenses
  3. C.to update master files
  4. D.to make organization decision
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Answer: C. to update master files

A transaction file's main purpose is to update master files.

JAMB 2017Question 2 · Accounting Fundamentals
Which of these is a content of a master file?
  1. A.All records relevant to the organisation.
  2. B.Records of assets of the organisation
  3. C.A collection of data items
  4. D.All records relating to employees
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Answer: A. All records relevant to the organisation.

A master file contains all records relevant to the organization.

JAMB 2017Question 3 · Branch and Control Accounts
The accounting entries for goods stolen in branch will be to debit
  1. A.The accounting entries for goods stolen in branch will be to debit
  2. B.branch stock account and credit branch adjustment account
  3. C.branch adjustment account and credit profit and loss account
  4. D.branch adjustment account and credit branch stock account
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Answer: D. branch adjustment account and credit branch stock account

Goods stolen at branch: debit branch adjustment account, credit branch stock account.

JAMB 2017Question 4 · Cash Book and Bank Reconciliation
The use of a three column cash book is determined by
  1. A.cash discount
  2. B.trade discount
  3. C.cash transaction
  4. D.Bank transaction
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Answer: A. cash discount

Use of a three-column cash book is determined by the need to record cash discount.

JAMB 2017Question 5 · Company and Partnership Accounts
Capital for a profit making organization is generated through
  1. A.Subscription
  2. B.shares
  3. C.donation
  4. D.gift
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Answer: B. shares

A profit-making organization generates capital through shares.

JAMB 2017Question 6 · Company and Partnership Accounts
Given: I. Settlement of debts II. Cessation of business III. Introduction of assets IV. Disposal of assets Which of these constitutes dissolution of partnership?
  1. A.II and IV only
  2. B.I,II and IV only
  3. C.I,II and III only
  4. D.II,III and IV only
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Answer: B. I,II and IV only

Settlement of debts, cessation of business, and disposal of assets constitute dissolution.

JAMB 2017Question 7 · Final Accounts and Trial Balance
Discount allowed is enjoyed by
  1. A.Managers
  2. B.Customers
  3. C.Suppliers
  4. D.Staff of the company
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Answer: B. Customers

Discount allowed is enjoyed by customers (debtors).

JAMB 2017Question 8 · Manufacturing and Departmental Accounts
In manufacturing account, depreciation of office machine is charged to
  1. A.trading account
  2. B.appropriation account
  3. C.balance street
  4. D.profit and loss account
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Answer: D. profit and loss account

Depreciation of office machine is charged to the profit and loss account.

JAMB 2017Question 9 · Public Sector and Not-for-Profit Accounts
one of the options below is not the source of income for non- profit organization
  1. A.Entrance fees
  2. B.subscription/dues
  3. C.odrinary shares
  4. D.Donations
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Answer: C. odrinary shares

Ordinary shares are not a source of income for a non-profit organization.

JAMB 2017Question 10 · Public Sector and Not-for-Profit Accounts
The tier of government that uses financial memorandum
  1. A.Federal government
  2. B.state government
  3. C.local government
  4. D.municipal government
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Answer: C. local government

Local government uses the financial memorandum.

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