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JAMB Accounting Past Questions 2024

10 questions from the JAMB 2024 Accounting paper, with answers and explanations. Tap "Show answer" under each one when you are ready.

JAMB 2024Question 1 · Accounting Fundamentals
The amount by which assets exceeds liabilities is
  1. A.capital
  2. B.premium
  3. C.bonus
  4. D.provision
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Answer: A. capital

The amount by which assets exceed liabilities is capital.

JAMB 2024Question 2 · Accounting Fundamentals
Who among the following developed the idea of double entry book-keeping?
  1. A.FrankWood
  2. B.Omuya James
  3. C.James Lucas
  4. D.Francia Luca Pacioli
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Answer: D. Francia Luca Pacioli

Luca Pacioli developed the idea of double entry bookkeeping.

JAMB 2024Question 3 · Cash Book and Bank Reconciliation
The document used in making lodgments into a current account is
  1. A.paying in -slip
  2. B.cheque book
  3. C.pass book
  4. D.credit card
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Answer: A. paying in -slip

A paying-in-slip is used to make lodgments into a current account.

JAMB 2024Question 4 · Company and Partnership Accounts
The amount paid by the buyer of a business which is sold as going concern is
  1. A.purchase consideration
  2. B.conversion fees
  3. C.consolidation fees
  4. D.premium fees
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Answer: A. purchase consideration

Purchase consideration is the amount paid to buy a business as a going concern.

JAMB 2024Question 5 · Company and Partnership Accounts
Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest
  1. A.2%
  2. B.15%
  3. C.10%
  4. D.5%
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Answer: D. 5%

A partner's loan attracts 5% interest in the absence of an agreement.

JAMB 2024Question 6 · Final Accounts and Trial Balance
The following accounts have debit balances except
  1. A.share premium
  2. B.rents and rates
  3. C.return inwards
  4. D.advertising
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Answer: A. share premium

Share premium normally has a credit balance, unlike the others listed.

JAMB 2024Question 7 · Final Accounts and Trial Balance
# Stock 1/1/09 2200 Purchases 18000 Sales 27000 Salaries 1500 Rejection in doubtful debts 500 Office expenses 1100 Other expenses 1300 Stock 31/12/09 1000 The net profit is
  1. A.#3,400
  2. B.#4,400
  3. C.#3,900
  4. D.#3,800
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Answer: D. #3,800

Net profit = Gross profit(7,800) - Total expenses(4,400) = N3,400.

JAMB 2024Question 8 · Ledger, Journal, and Source Documents
Goods bought on credit are first entered in the
  1. A.cash book
  2. B.journal proper
  3. C.sales day book
  4. D.purchases day book
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Answer: D. purchases day book

Goods bought on credit are first entered in the purchases day book.

JAMB 2024Question 9 · Office Practice, ICT, and Banking
Peripherals are used in computer to describe
  1. A.inputs, output and storage devices
  2. B.computer types
  3. C.method of inputting data
  4. D.computer functions
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Answer: A. inputs, output and storage devices

Peripherals describe input, output and storage devices in a computer.

JAMB 2024Question 10 · Stock Valuation and Depreciation
A method that is beneficial for tax purposes in inflationary times is?
  1. A.LIFO
  2. B.SAP
  3. C.FIFO
  4. D.WAP
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Answer: A. LIFO

LIFO is beneficial for tax purposes in inflationary times, lowering reported profit.

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