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JAMB Accounting Past Questions 2019

10 questions from the JAMB 2019 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.

JAMB 2019Question 1 · Accounting Fundamentals
Transactions are recorded or posted to the ledger in line with
  1. A.Accounting Concept
  2. B.Source document
  3. C.Double Entry Principle
  4. D.Data collection
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Answer: C. Double Entry Principle

Transactions are posted to the ledger in line with the double entry principle.

JAMB 2019Question 2 · Accounting Fundamentals
The two recognised accounting bases are
  1. A.cash and credit
  2. B.personal and impersonal
  3. C.Accrual and Cash
  4. D.Drawings and Private
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Answer: C. Accrual and Cash

Accrual and cash are the two recognized accounting bases.

JAMB 2019Question 3 · Accounting Fundamentals
In the preparation of account, the owners of the business and the business concerned are treated as:
  1. A.partners
  2. B.joint venture
  3. C.the same person
  4. D.separate legal entities
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Answer: D. separate legal entities

In accounting, owners and the business are treated as separate legal entities.

JAMB 2019Question 4 · Branch and Control Accounts
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is
  1. A.₦20,000
  2. B.₦6,000
  3. C.₦6,174
  4. D.₦10,000
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Answer: C. ₦6,174

Mark-up = 30,870 - (30,870/1.25) = N6,174.

JAMB 2019Question 5 · Company and Partnership Accounts
Use the following information to answer this question Year ₦ 1991 1992 1993 1994 14,000 24,000 10,000 16,000 It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is
  1. A.32,000
  2. B.16000
  3. C.30000
  4. D.64,000
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Answer: A. 32,000

Goodwill = 2 x average profit(16,000) = N32,000.

JAMB 2019Question 6 · Final Accounts and Trial Balance
If only wages is shown on the trial balance, it should be charged to the
  1. A.profit and loss account
  2. B.trading account
  3. C.balance sheet
  4. D.wages account
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Answer: B. trading account

Wages shown only in the trial balance should be charged to the trading account.

JAMB 2019Question 7 · Final Accounts and Trial Balance
A proprietor withdraws cash from the business for private use, he
  1. A.credits cash account and debits bank account
  2. B.credits cash account and debits drawing A/C
  3. C.debits cash account and credits drawings account
  4. D.debits bank account and credits drawings account
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Answer: B. credits cash account and debits drawing A/C

Withdrawing cash for private use: debit drawings account, credit cash account.

JAMB 2019Question 8 · Final Accounts and Trial Balance
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
  1. A.profit
  2. B.capital
  3. C.loss
  4. D.cash
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Answer: C. loss

If opening capital exceeds closing capital, it indicates a loss.

JAMB 2019Question 9 · Manufacturing and Departmental Accounts
The objective of departmentalization is to
  1. A.ensure that departmental managers are adequately monitored
  2. B.record transactions for each department for better documentation
  3. C.tackle any recording problem as a result of expansion
  4. D.evaluate the profit of different departments
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Answer: D. evaluate the profit of different departments

Departmentalization aims to evaluate the profit of different departments.

JAMB 2019Question 10 · Public Sector and Not-for-Profit Accounts
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an
  1. A.warrant
  2. B.budget
  3. C.imprest
  4. D.consolidated fund
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Answer: A. warrant

A warrant is issued by the Minister authorizing an officer to incur expenditure.

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