JAMB UTME CBT Principles of Accounts Past Questions and Answers 2021/2022 posted for free now available for Morning And Afternoon PDF download.
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1. The profit of a branch is usually credited to the
Answer: Branch office goods account
2. Departmental accounts are maintained to ascertain the
Answer: Contribution of each department
3. In a professional partnership, membership must be between
Answer: 2 and 10
4. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including
Answer: Interest on loans
5. The debenture issued at par above the nominal value is said to be issued at a
Answer: Premium
6. Questions: The principal use of control accounts is to
Answer: Localize errors within ledgers
7. When a bill is negotiated at the bank, it is said to be
Answer: Discounted
8. Credit sales were debited to Akpana instead of B. Akpan. This is an error of
Answer: Commission
9. The main objective of accounting report is to provide information about …
Answer: An entity’s management
10. The purpose of using sales ledger balance to cancel off purchases ledger balance is
Answer: Set off
11. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with approved guideline is the
Answer: Auditor General
12. The cash basis of accounting requires the recognition of revenue only when they are
Answer: Received
13. Responsibility accounting is particularly concerned with
Answer: Controllable costs
14. Earnings per share is a measure of
Answer: Profitability
15. Subscription owned by members of a club is a/an
Answer: Asset
16. The subscription paid in advance is treated in the balance sheet of a club as
Answer: A liability
17. The movement of goods from head office to branch is treated in the head office accounts as
Answer: Sales
18. Which of the following is a common cause of discrepancy between head office and branch trial balance
Answer: Debtors and cash in transit
19. Which type of stock valuation method would a vegetable seller adopt in valuing its product?
Answer: FIFO
20. Question: The transactions relating to liquidation in partnership account is drawn by using
Answer: cash account
21. Deferred charges are also known as
Answer: Accrued expenses
22. Factory wages are always entered into which account?
Answer: Manufacturing account
23. One of the reasons for the existence of the public sector is to
Answer: provide cheap services to all citizens
24. The correct entry to reflect the receipt of cash sent by a branch to a head office is
Answer: Debit cash and credit branch current account
25. Working-in-progress is the value of
Answer: partly finished goods
26. The Act establishing the institute of Chartered accountants in Nigeria (ICAN) came into force on
Answer: 1st September, 1965
27. The gross profit on manufactured goods is the difference between the cost of goods manufactured and the
Answer: Market value of goods produced
28. An effective accounting system should provide information
Answer: On internal and external reporting for managers and third parties
29. An ordinary share of #60 was issued at #75. The share was issued at
Answer: Premium
30. Preliminary expenses of a limited liability company are
Answer: Fictious assets
31. The subscription paid in advance is treated in the balance sheet of a club as
Answer: A liability
32. In the dissolution of a partnership business, the net book, value of the assets is transferred to
Answer: Debit realization account
33. The chief accounting officer of a local government is the
Answer: Chairman
34. The founder of a company are
Answer: promoters
35. A component of an overhead manufacturing cost is
Answer: Rent
36. The price paid by an acquiring company is the
Answer: Purchase consideration
37. After receiving the financial statement, the Auditor General of the Federation must submit a report to the National Assembly within
Answer: 30 days
38. The amount of money for a particular purpose by a government organization for its expenditure is the
Answer: fund
39. Investors are interested in accounting information to determine the organization’s
Answer: profitability ratio
40. Working capital is calculated as
Answer: current assets less current liabilitities
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