JAMB Accounting Questions and Answers for 2023 (Guide)
by Swetha P | Updated Jun 04, 2023
What is JAMB?
JAMB, which stands for the Joint Admissions and Matriculation Board, is a Nigerian examination board responsible for conducting standardized entrance examinations for tertiary institutions in the country. Established in 1978, JAMB plays a crucial role in the admission process for candidates seeking admission into universities, polytechnics, and colleges of education in Nigeria.
One of the primary functions of JAMB is to organize the Unified Tertiary Matriculation Examination (UTME), a nationwide examination that serves as a prerequisite for admission into tertiary institutions. The UTME assesses candidates' knowledge and understanding in various subjects, including English language, mathematics, and other relevant subjects based on the candidate's chosen field of study.
The examination is conducted annually and provides a fair and equal opportunity for all prospective students to showcase their academic abilities. Apart from conducting the UTME, JAMB also manages other admission-related processes. It sets the criteria and guidelines for the admission process, including the determination of the cutoff marks for various institutions and courses.
JAMB also provides a centralized platform called the Central Admission Processing System (CAPS), which facilitates the admission process by enabling institutions to process and offer admissions to successful candidates. JAMB's mission is to ensure transparency, equity, and credibility in the admission process, thereby promoting merit-based selection of candidates into tertiary institutions.
By establishing standardized examinations and admission procedures, JAMB aims to streamline the admission process and enhance the quality of education in Nigeria. Through its continuous efforts, JAMB plays a vital role in shaping the future of Nigerian students and contributing to the overall development of the nation's educational system.
JAMB Accounting Questions and Answers for 2023
To prepare effectively for the JAMB accounting examination, it is recommended to follow these general guidelines:
Remember, the key to success in any examination is thorough preparation, understanding the concepts, and practicing regularly. Good luck with your JAMB accounting preparation! Keep reading to know the JAMB Accounting Questions and Answers
What is JAMB Accounting Exam?
The JAMB accounting exam is a crucial component of the Unified Tertiary Matriculation Examination (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB) in Nigeria. This examination is specifically designed to evaluate candidates' knowledge and comprehension of accounting principles, concepts, and practices.
The JAMB accounting exam serves as a means for prospective students to demonstrate their understanding of various aspects of accounting. It assesses their ability to apply accounting techniques, interpret financial statements, analyze financial information, and solve accounting problems. The exam covers a wide range of topics, including financial accounting, cost accounting, management accounting, financial statements, budgeting, taxation, and auditing.
Typically, the JAMB accounting exam consists of multiple-choice questions (MCQs), where candidates are presented with several options and are required to select the correct answer. The exam's duration, the number of questions, and the scoring system may vary each year, as determined by JAMB. Preparation is essential for success in the JAMB accounting exam.
Candidates are advised to study the recommended textbooks, review past JAMB accounting questions, and familiarize themselves with the exam format and time constraints. By doing so, they can strengthen their knowledge of accounting principles and concepts while also enhancing their problem-solving skills. The JAMB accounting exam plays a significant role in the admission process for tertiary institutions in Nigeria.
Candidates' performance in the JAMB accounting exam contributes to their overall scores, which determine their eligibility for admission. It is important for candidates to approach the JAMB accounting exam with thorough preparation, a clear understanding of accounting principles, and effective exam-taking strategies.
JAMB Accounting Questions and Answers
It is important to emphasize that seeking or providing leaked examination questions, including JAMB Accounting questions and answers, is unethical and against academic integrity. Here some Possible 40 JAMB Accounting questions and answers. To prepare for the JAMB Accounting exam, it is recommended to utilize official study resources, such as approved textbooks and past question papers.
Focus on understanding accounting principles and concepts rather than relying on memorization. By studying diligently and practicing problem-solving, you can enhance your knowledge and perform well in the exam. Good luck with your JAMB Accounting exam preparation!
1. The officer responsible for ascertaining whether all public expenditures and appropriations are in time with the approved guideline is the
A. Creditor
B. Cashier
C. Auditor General
D. Bursar
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
B. documented
C. lost
D received
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
A. loss
B. profit
C. income
D. expenditure
ANSWER: B (Profitability)
5. Subscription owned by members of a club is a/an
A. liability
B. property
C. Asset
D. club ownership
ANSWER: C (Asset)
6. The subscription paid in advance is treated in the balance sheet of a club as
A. liability
B. cost
C. asset
D. expenditure
ANSWER: A (liability)
7. The movement of goods from head office to branch is treated in the head office accounts as
A. sales
B. income
C. goods transfer
D. goods migration
ANSWER: A (Sales)
18. Which of the following is a common cause of the discrepancy between head office and branch trial balance
A. creditor in transit
B. debtor and cash in transit
C. cash in transit
D. cash movement
ANSWER: B (Debtors and cash in transit)
9. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
A. FiFQ
B. FFO
C. FIFE
D. FIFO
ANSWER: D (FIFO)
10. The transactions relating to liquidation in partnership account is drawn by using
A. credit account
B. debit account
C. cash account
D. property account
ANSWER: A (cash account)
JAMB Accounting Questions
11. The discount column of a three-column cashbook is not balanced off but periodically transferred to the discount account because discounts?
A. are not important in cashbooks.
B. are cash items only.
C. do not form part of double entry.
D. are used for bank reconciliation.
12. When is a petty cash account debited?
A. When the fund is established and every time money is spent.
B. When the fund is established and every time it is replenished.
C. When the fund is established and when the size of the float is decreased.
D. Every time money is drawn from petty cash.
13. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
A. Bank charges.
B. Uncleared cheques.
C. Returned cheques.
D. unpresented cheques.
14. The financial position of an organization at a particular time can be ascertained from the?
A. statement of sources and application of funds
B. statement of retained earnings
C. balance sheet
D. profit and loss account
Given;
Purchases
20,000
Sales
40,000
Carriage inwards
5,000
Carriage outwards
5,000
Opening stock
10,000
Closing stock
5,000
Items
Price (Naira)
15. What is the cost of goods sold?
A. N30,000
B. N25,000
C. N20,000
D. N15,000
16. The net profit or loss for the year is determined in the profit and loss account after?
A. deducting purchases from sales
B. deducting cost of goods sold from sales and adding administrative expenses
C. adding commissions received to gross profit
D. eliminating all expenses from gross profit and adding any other income
17. If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
A. income in the profit and loss account
B. income in the balance sheet
C. additional cash in the profit and loss account
D. expense in the balance sheet
18. Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
A. N23,000
B. N29,000
C. N36,000
D. N43,000
19. From which of the following sources are creditors' control account most likely to be posted?
A. supplier’s invoices
B. cash disbursements journal
C. subsidiary debtors ledger
D. purchases journal
20 Which of the following categories of labour cost will be classified as direct?
A. accountant’s salary
B. factory workers’ salary
C. managing director’s salary
D. cashier’s salary
JAMB Accounting Questions and Answers for 2023 - FAQs
The JAMB accounting exam evaluates candidates' knowledge and understanding of accounting principles for admission into tertiary institutions.
It is not ethical or permissible to seek or provide leaked JAMB accounting questions and answers.
Prepare by utilizing legitimate study resources, understanding accounting principles, practicing problem-solving, and utilizing official JAMB resources.
The JAMB accounting exam covers topics such as financial accounting, cost accounting, management accounting, financial statements, budgeting, taxation, and auditing.
Reviewing past JAMB accounting questions helps familiarize candidates with the exam format and types of questions asked, aiding in preparation for the exam.