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Civil and Mechanical

J accounting 24

Written by Admin September 18, 2025September 18, 2025

Jamb Accounting 2024

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Question 1 of 40

1. Question

Purchase Ledger Control Account

The item sales ledger #1,200 represents

cash paid to supplier
Correct Incorrect Correct answer

amount due from suppliers
Correct Incorrect Correct answer

cash purchases
Correct Incorrect Correct answer

credit purchase
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 40

2. Question

Ordinary shares are also known as

equity
Correct Incorrect Correct answer

net worth
Correct Incorrect Correct answer

loan
Correct Incorrect Correct answer

reserve
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 40

3. Question

An amount paid in cash to John is Dr to John and Cr to

bank
Correct Incorrect Correct answer

debtors
Correct Incorrect Correct answer

cash
Correct Incorrect Correct answer

capital
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 40

4. Question

The following accounts have debit balances except

share premium
Correct Incorrect Correct answer

rents and rates
Correct Incorrect Correct answer

return inwards
Correct Incorrect Correct answer

advertising
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 40

5. Question

Tolu purchased a machine for #6,000 on credit. The effect is to debit.. supplier
and credit the account of the

machinery
Correct Incorrect Correct answer

creditor
Correct Incorrect Correct answer

cash
Correct Incorrect Correct answer

debtor
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 40

6. Question

Ifedapo Local Council has the following details for 2008

The council's expenditure was

#28,000
Correct Incorrect Correct answer

#21,000
Correct Incorrect Correct answer

#20,000
Correct Incorrect Correct answer

#13,000
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 40

7. Question

Shares issued free of charge to existing shareholders based on their previous holdings is __ issue

accrued
Correct Incorrect Correct answer

premium
Correct Incorrect Correct answer

floating
Correct Incorrect Correct answer

bonus
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 40

8. Question

The net worth of a business is the

bank loan
Correct Incorrect Correct answer

capital
Correct Incorrect Correct answer

asset
Correct Incorrect Correct answer

debenture
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 40

9. Question

The return on debenture holding is

share bonus
Correct Incorrect Correct answer

interest
Correct Incorrect Correct answer

net profit
Correct Incorrect Correct answer

dividend
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 40

10. Question

The following extracts are made from the books of Agama Enterprises.

Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is

#15,552
Correct Incorrect Correct answer

#10,368
Correct Incorrect Correct answer

#10,375
Correct Incorrect Correct answer

#17,280
Correct Incorrect Correct answer

Correct

Incorrect
Question 11 of 40

11. Question

The ledger containing the accounts of debtors and creditors is

impersonal
Correct Incorrect Correct answer

personal
Correct Incorrect Correct answer

nominal
Correct Incorrect Correct answer

real
Correct Incorrect Correct answer

Correct

Incorrect
Question 12 of 40

12. Question

Which of the following bodies regulates accounting practices in Nigeria?

NIT
Correct Incorrect Correct answer

NIB
Correct Incorrect Correct answer

EFCC
Correct Incorrect Correct answer

ANAN
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 40

13. Question

A person who prepares, analyses and interprets financial statements is known as a/an

cashier
Correct Incorrect Correct answer

book keeper
Correct Incorrect Correct answer

accountant
Correct Incorrect Correct answer

analyst
Correct Incorrect Correct answer

Correct

Incorrect
Question 14 of 40

14. Question

#3,900
Correct Incorrect Correct answer

#3,800
Correct Incorrect Correct answer

#4,400
Correct Incorrect Correct answer

#3,400
Correct Incorrect Correct answer

Correct

Incorrect
Question 15 of 40

15. Question

#40,000
Correct Incorrect Correct answer

#50,000
Correct Incorrect Correct answer

#70,000
Correct Incorrect Correct answer

60000
Correct Incorrect Correct answer

Correct

Incorrect
Question 16 of 40

16. Question

#500,000
Correct Incorrect Correct answer

#527,500
Correct Incorrect Correct answer

#530,000
Correct Incorrect Correct answer

#463,000
Correct Incorrect Correct answer

Correct

Incorrect
Question 17 of 40

17. Question

An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?

#990
Correct Incorrect Correct answer

#900
Correct Incorrect Correct answer

#729
Correct Incorrect Correct answer

#810
Correct Incorrect Correct answer

Correct

Incorrect
Question 18 of 40

18. Question

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

FIFO
Correct Incorrect Correct answer

LIFO
Correct Incorrect Correct answer

WAP
Correct Incorrect Correct answer

SAP
Correct Incorrect Correct answer

Correct

Incorrect
Question 19 of 40

19. Question

Which of the following bodies regulates accounting practices in Nigeria?

ANAN
Correct Incorrect Correct answer

EFCC
Correct Incorrect Correct answer

NIB
Correct Incorrect Correct answer

NIT
Correct Incorrect Correct answer

Correct

Incorrect
Question 20 of 40

20. Question

Ordinary shares are also known as

net worth
Correct Incorrect Correct answer

equity
Correct Incorrect Correct answer

loan
Correct Incorrect Correct answer

reserve
Correct Incorrect Correct answer

Correct

Incorrect
Question 21 of 40

21. Question

Depriciation is?

an appropriation of profit
Correct Incorrect Correct answer

estimated life of an asset
Correct Incorrect Correct answer

loss in the value of fixed asset
Correct Incorrect Correct answer

increase in asset value
Correct Incorrect Correct answer

Correct

Incorrect
Question 22 of 40

22. Question

The following extracts are made from the books of Agama Enterprises.

Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is

#15,552
Correct Incorrect Correct answer

#10,368
Correct Incorrect Correct answer

#10,375
Correct Incorrect Correct answer

#17,280
Correct Incorrect Correct answer

Correct

Incorrect
Question 23 of 40

23. Question

#21,200
Correct Incorrect Correct answer

#20,200
Correct Incorrect Correct answer

#19,200
Correct Incorrect Correct answer

#18,800
Correct Incorrect Correct answer

Correct

Incorrect
Question 24 of 40

24. Question

Suppliers accounts are found in the

private
Correct Incorrect Correct answer

purchase
Correct Incorrect Correct answer

nominal
Correct Incorrect Correct answer

general
Correct Incorrect Correct answer

Correct

Incorrect
Question 25 of 40

25. Question

The chief accounting officer of the Federation is

Auditor General
Correct Incorrect Correct answer

Minister of Economic Planning
Correct Incorrect Correct answer

Chief Accountant
Correct Incorrect Correct answer

Accountant General
Correct Incorrect Correct answer

Correct

Incorrect
Question 26 of 40

26. Question

cash purchases
Correct Incorrect Correct answer

cash paid to supplier
Correct Incorrect Correct answer

credit purchases
Correct Incorrect Correct answer

amount due from supplier
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 40

27. Question

The amount paid by the buyer of a business which is sold as going concern is

purchase consideration
Correct Incorrect Correct answer

conversion fees
Correct Incorrect Correct answer

consolidation fees
Correct Incorrect Correct answer

premium fees
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 40

28. Question

A list of all debit and credit balances from the ledger accounts are made in the

ash book
Correct Incorrect Correct answer

trial balance
Correct Incorrect Correct answer

balance sheet
Correct Incorrect Correct answer

profit and loss account
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 40

29. Question

Who among the following developed the idea of double entry book-keeping?

FrankWood
Correct Incorrect Correct answer

Omuya James
Correct Incorrect Correct answer

James Lucas
Correct Incorrect Correct answer

Francia Luca Pacioli
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 40

30. Question

Pending the location of an error, the difference in the Trial Balance is posted to a __

control
Correct Incorrect Correct answer

profit and loss appropriation
Correct Incorrect Correct answer

profit and loss
Correct Incorrect Correct answer

suspense account
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 40

31. Question

The short term solvency of a company is determined with ___ ratio

debtors to equity
Correct Incorrect Correct answer

current
Correct Incorrect Correct answer

acid test
Correct Incorrect Correct answer

gross profit margin
Correct Incorrect Correct answer

Correct

Incorrect
Question 32 of 40

32. Question

Which of the following is not required in preparing a statement of affairs?

fixed assets
Correct Incorrect Correct answer

net profit
Correct Incorrect Correct answer

accruals
Correct Incorrect Correct answer

cash in hand
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 40

33. Question

The value of assets on dissolution of partnership is debited to realization account and credited to ___ account

bank
Correct Incorrect Correct answer

asset
Correct Incorrect Correct answer

dissolution
Correct Incorrect Correct answer

cash
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 40

34. Question

Which of the following is a subsidiary book as well as a ledger?

cash book
Correct Incorrect Correct answer

general journal
Correct Incorrect Correct answer

returns outward book
Correct Incorrect Correct answer

purchases day book
Correct Incorrect Correct answer

Correct

Incorrect
Question 35 of 40

35. Question

A commission of #5000 to a sales manager was debited to debtors account. This is an error of

commission
Correct Incorrect Correct answer

principle
Correct Incorrect Correct answer

original entry
Correct Incorrect Correct answer

compensation
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 40

36. Question

Prime cost consist of direct material and ___ cost

overhead
Correct Incorrect Correct answer

direct
Correct Incorrect Correct answer

indirect
Correct Incorrect Correct answer

factory
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 40

37. Question

The term "set off" in control account is also called

brought forward
Correct Incorrect Correct answer

contra entry
Correct Incorrect Correct answer

direct transfer
Correct Incorrect Correct answer

bad debt
Correct Incorrect Correct answer

Correct

Incorrect
Question 38 of 40

38. Question

#47,000
Correct Incorrect Correct answer

#37,000
Correct Incorrect Correct answer

#42,000
Correct Incorrect Correct answer

#27,000
Correct Incorrect Correct answer

Correct

Incorrect
Question 39 of 40

39. Question

When shares are over-subscribed, directors may decide to scale down the number of shareholding by alloting shares at ___

discount
Correct Incorrect Correct answer

par
Correct Incorrect Correct answer

premium
Correct Incorrect Correct answer

prorata
Correct Incorrect Correct answer

Correct

Incorrect
Question 40 of 40

40. Question

#35,000
Correct Incorrect Correct answer

#45,000
Correct Incorrect Correct answer

#55,000
Correct Incorrect Correct answer

#25,000
Correct Incorrect Correct answer

Correct

Incorrect

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