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Jamb past questions and answers for FINANCIAL ACCOUNTING-2022

Apr 11 2024 10:34:00 AM

John Elijah

Jamb Updates

(Financial Accounting 2022) Model past questions and answers

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A saying goes thus 'If you are not informed, you will be deformed'. Landing on this page simply means you are searching for knowledge concerning past questions and answers relating to Jamb Financial Accounting. That is a huge first step towards success. Congratuations. I simply means you have passion to succeed.
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Moreso, considering your keen interest towards information to pass your UTME exams. I want to assure you that you will find this post useful particularly if you have chosen Financial Accounting among your UTME subject combination.
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You can study the 40 (forty) Jamb Financial Accounting past questions and answer for 2022 by checking the content below or using the table of content below to navigate to the number of your choice
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Table of Contents
  1. Jamb Financial Accounting (2022) Questions and Answers 1 - 10
  2. Jamb Financial Accounting (2022) Questions and Answers 11 - 20
  3. Jamb Financial Accounting (2022) Questions and Answers 21 - 30
  4. Jamb Financial Accounting (2022) Questions and Answers 31 - 40
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Jamb Financial Accounting (2022) Questions and Answers 1 - 10

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1. The accounting convention which states that profit must not be recognised until realized while all losses should be adequately provided for it is termed _____
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(a) Consistency
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(b) Objectivity
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(c) Conservatism
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(d) Materiality
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The correct answer is: (c) Conservatism
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2. When preparing a bank reconciliation statement, which of the following is deducted from balance per bank statement?
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(a) Unclear cheque
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(b) Returned charges
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(c) Bank charges
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(d) Unpresented cheque
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The correct answer is: (d) Unpresented cheque
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3. Beginning and ending accounts receivabe balances were #8000 and #15,000 respectively. If collections from customers during the period were #36,000, then total sales in account would be _____
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(a) #3,000
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(b) #29,000
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(c) #18,000
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(d) #22,000
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The correct answer is: (a) #3,000
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4. Which of the following categories of labour cost will be classified as direct?
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(a) Cashier's salary
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(b) Factory workers' salary
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(c) Account's salary
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(d) Managing director's salary
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The correct answer is: (b) Factory workers' salary
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5. The receipts from a special tax levy to pay maturing interest obligation are recorded in _____
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(a) Capita fund project
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(b) Debt service fund
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(c) Tax assessment fund
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(d) Specia revenue fund
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The correct answer is: (c) Tax assessment fund
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6. The cash basis of accounting recognises revenues when cash is received, and expenses when they are _____
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(a) Due
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(b) Paid
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(c) Earned
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(d) Received
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The correct answer is: (b) Paid
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7. The amount of individual items on a government budget is called _____
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(a) Loan
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(b) Vote
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(c) Grant
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(d) Deposit
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The correct answer is: (b) Vote
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8. Which of the following concepts stipulates that accounting profit is the difference between revenue and expenses
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(a) Accrual concept
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(b) Conservation concept
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(c) Prudence concept
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(d) Materiality concept
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The correct answer is: (a) Accrual concept
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9. One of the features of booking is that it _____
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(a) Provides permanent records for all financial transactions
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(b) Is futuristic in nature
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(c) Accepts responsibility for all wrong postings
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(d) Does not give room for double entry procedures
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The correct answer is: (a) Provides permanent records for all financial transactions
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10. Sales ledger control account contains the total amount in respect of _____
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(a) Shareholders
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(b) Debtors
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(c) Creditors
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(d) Investor
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The correct answer is: (b) Debtors
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Jamb Financial Accounting (2022) Questions and Answers 11 - 20

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11.Which of the following ratios gives an idea of the liquidity of a firm?
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(a) Quick ratio
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(b) Debit ratio
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(c) Dividend ratio
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(d) Turnover ratio
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The correct answer is: (a) Quick ratio
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12. The measure of a company's ability to pay its debts quickly is called _____
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(a) Current ratio
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(b) Return on investment
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(c) Turnover ratio
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(d) Acid test ratio
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The correct answer is: (d) Acid test ratio
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13. The document used to acknowledge the acceptance of the return of goods by the seller from buyer is known as _____
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(a) Credit note
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(b) Voucher
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(c) Invoice
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(d) Debit note
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The correct answer is: (a) Credit note
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14. The instruments that are generated when firms enter into business transactions with others are called
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(a) Purchase documents
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(b) Invoices
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(c) Source documents
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(d) Journals
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The correct answer is: (c) Source documents
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15. Erroneous rearrangement of financial figures such as writing #624 as #264 is called
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(a) Omission
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(b) Commission
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(c) Principle
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(d) Transposition
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The correct answer is: (d) Transposition
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16. On the 30/5/93, Tade and Co. paid 2 years rent of #50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?
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(a) #35,417
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(b) #14,583
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(c) #14,776
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(d) #37,415
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The correct answer is: (b) #14,583
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17. The process of allocating the cost of an intangible assets over its useful life is known as _____
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(a) Depreciation
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(b) Extraction
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(c) Depletion
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(d) Amortization
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The correct answer is: (a) Depreciation
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18. The principal use of control accounts is to _____
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(a) Localize error within the ledger
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(b) Prevent fraud
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(c) Increase sale
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(d) Record assets and liabilities
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The correct answer is: (a) Localize error within the ledger
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19. The total of the creditors at the beginning of the year was #46,000 and at the end of the year #5,250. Duing the year, #26,500 was paid to supplier and #130 was received in discounts from these suppliers. The purchases for the year would be _____
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(a) #26,630
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(b) #27,038
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(c) #27,150
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(d) #27,280
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The correct answer is: (d) Gross receipt method
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20. The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on _____
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(a) 1st September, 1960
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(b) 1st October, 1960
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(c) 1st October, 1963
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(d) 1st September, 1965
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The correct answer is: (d) 1st September, 1965
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Jamb Financial Accounting (2022) Questions and Answers 21 - 30

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21. Costs reports for the intention of management should reflect _____
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(a) As much details as possible
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(b) Summary figures only
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(c) Details of non-controllable expenses
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(d) Cost and comparable data useful in decision-making
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The correct answer is: (d) Cost and comparable data useful in decision-making
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22. Responsibility accounting is particularly concerned with?
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(a) Historical accounting
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(b) Controllable costs
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(c) Store keeping
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(d) Valuation of stock
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The correct answer is: (b) Controllable costs
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23. An advantage of the use of the voucher system is that it _____
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(a) Reduces the number of cheques that will be written during any given period
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(b) Provides a highly flexible system for handling unusual transactions
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(c) Provides a comprehensive record of business done with particular suppliers
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(d) Ensures that every expenditure is reviewed and verified before payment is made
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The correct answer is: (d) Ensures that every expenditure is reviewed and verified before payment is made
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24. When a transaction causes an assets account to increase, there is _____
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(a) A decrease of equal amount in the owner's equity account
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(b) An increase in a liability account
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(c) An increase of equal amount in another assets accounts
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(d) A decrease of equal amount in a liability account
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The correct answer is: (b) An increase in a liability account
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25. The contribution marginal on a job is the _____
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(a) Gross profit
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(b) Net profit
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(c) Excess of sales revenue over variabe costs
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(d) Difference between fixed and variable costs
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The correct answer is: (c) Excess of sales revenue over variabe costs
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26. Which of the following is an intangible asset and a measure of a firm's superior earning power?
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(a) Patent
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(b) Goodwill
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(c) Trademark
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(d) Right issue
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The correct answer is: (b) Goodwill
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27. The price paid by an acquiring company is the _____
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(a) Premium
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(b) Purchase consideration
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(c) Sales consideration
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(d) Conversion fee
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The correct answer is: (b) Purchase consideration
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28. The basic role of accounting is to _____
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(a) Detect fraud
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(b) Attest to financial statements
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(c) Measure performance
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(d) Protect shareholders
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The correct answer is: (b) Attest to financial statements
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29. A basic unifying concept in accounting implies that
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(a) Where creditors' account is zero, the assets are equal to the owners' equity
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(b) There should be a balance in the creditors' account in order to measure total assets
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(c) Revenues should be supported by invested and owners' capital
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(d) Total assets can be les than liabilities and equity
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The correct answer is: (a) Where creditors' account is zero, the assets are equal to the owners' equity
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30. Lawal and Co. makes blocks and sell to builders. In computing prime cost, which of the following costs would be considered appropriate?
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(a) Cement, sand and carriage outwards
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(b) Water carriage inwards and cement
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(c) Sales boys' wages, cement and sand
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(d) Carriage outwards, carriage inwards and cement
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The correct answer is: (a) Cement, sand and carriage outwards
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Jamb Financial Accounting (2022) Questions and Answers 31 - 40

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31. Calls in advance are treated in the balance sheet as _____
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(a) Current asset
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(b) Current liability
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(c) Fixed assets
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(d) Fixed liabilities
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The correct answer is: (b) Current liability
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32. Which of the following is an example of intangible assets?
(a) Trade debtors
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(b) Stock of goods
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(c) Trade creditors
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(d) Motor vehicles
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The correct answer is: (a) Trade debtors
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33. A source document that aids the ascertainment of amount paid out of current account is the
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(a) Teller
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(b) Cheque stub
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(c) Cheque
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(d) Teller stub
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The correct answer is: (b) Cheque stub
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34. Which of the following items does not feature in the balance sheet of a club?
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(a) Aears of current year's subscription
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(b) Salary arrears paid in the current year
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(c) Rental income received in advance
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(d) Advances subscription in respect of a coming year
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The correct answer is: (b) Salary arrears paid in the current year
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35. The most appropriate basis for apportioning inventory holding cost among departments is to use the value of _____
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(a) Purchases
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(b) Opening stock
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(c) Closing stock
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(d) Average stock
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The correct answer is: (b) Opening stock
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36. When a bill is negotiated to a bank, it is said to be?
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(a) Surrendered
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(b) Cashed
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(c) Discounted
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(d) Accepted
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The correct answer is: (c) Discounted
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37. For an incomplete record to provide necessary information, it must be converted to?
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(a) Complete records
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(b) Double entry records
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(c) Statement of affairs
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(d) Single entry
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The correct answer is: (b) Double entry records
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38. Partners' salaries and drawings are usually posted to the?
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(a) Trading account
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(b) Current account
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(c) Capital account
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(d) Partners' account
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The correct answer is: (b) Current account
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39. The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the _____
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(a) Accountant General
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(b) Auditor General
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(c) Finance Minister
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(d) Permanent Secretary
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The correct answer is: (b) Auditor General
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40. In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
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(a) Carriage outwards
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(b) Carriage inwards
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(c) Discounts received
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(d) Returns outward
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The correct answer is: (a) Carriage outwards
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Without doubt I believe you are happy with the questions and answers on Jamb Financial Accounting 2022 you saw above. We have compiled this to ensure students have access to resources that can help them blast their UTME exams. If you have any comment or you observe any flaw do well to leave a comment in the comment-box below and we will get back to you
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