(Financial Accounting 2023) Model past questions and answers

Jamb Financial Accounting (2023) Questions and Answers 1 - 10

1. Which of the following is not an accounting software?

2. What is the abbreviation for the account terms Debit and Credit?

3. _____ and _____ are the types of transaction in accounting

4. Full meaning of VAT is _____

5. Which of the following is NOT a branch of accounting?

6. All this are types of account involved in double entry book-keeping EXCEPT _____

7. _____ is a document that gives a legal status to a company

8. _____ is a cost statement of product for a specific period of time. It contain direct and indirect expenses involved in producing a product

9. Which of the following is NOT a type of special journals?

10. _____ can be defined as an obligation towards another company or party

Jamb Financial Accounting (2023) Questions and Answers 11 - 20

11. _____ refers to a number of basic or self evident truths that are universally accepted in accounting

12. Assets that cannot be shown or touched are referred to _____

13. Institute of Chartered Accountants of Nigeria is simply abbreviated as _____

14. All these are intangible assets EXCEPT _____

15. An approach to corporate strategy in which top management views its product lines and business units as a series of investments from which it expects a profitable return is called _____

16. Accounting principles are generally based on _____

17. ON January 3, 2023, ABC corporation's inventory had a cost of #50,000 and a market value of #45,000. Accordig to which accounting principle should the company record its inventory at the lower of cost or market value?

18. R and S are partners in a business sharing profits and losses in the ratio of 3:2. They admit T as a new partner with 1/5 share in the profits. Calculate the new profit sharing ratio of the partners

19. Which of the following is NOT a method for calculating or ascertaining the amount of purchase consideration?

20. 'Loses are anticipated and profit are not accounted until realised' is the part of one of the following principles

Jamb Financial Accounting (2023) Question and Answers 21 - 30

21. Capital invested by the owner is shown as a liability in the balance sheet due to _____ in accounting

22. Revenue from sale of products ordinarily is reported as part of earning in the period in which _____

23. Sometimes an auditor is called upon to review the operations of an enterprise for evaluating their cost-effectiveness. What is this kind of audit generally known as?

24. What is the renewal fees paid for a patent right?

25. What does management audit imply?

26. _____ contains the accounts of trade payables and records transactions as they appear on the suppliers accounts, such as purchases made on credit, purchase returns, settlement made to payables and any discounts received.

27. A future economic benefit owned or controlled by the reporting company, such as inventory, land or equipment is _____

28. Financial accounting covers overall performance of the _____

29. _____ records the movement of cash in and out of the company

30. _____ is written evidence in support of a business transaction

Jamb Financial Accounting (2023) Question and Answers 31 - 40

31. Capital increases if _____

32. Current assets minus current liabilities is equal to _____

33. _____ can also be referred to as tangible asset

34. The rule 'debit all expenses and losses and credit all income and gains' relates to _____

35. Rent paid to landlord should be credited to _____

36. The proprietor of the business is treated as creditor for the capital introduced by him due to _____ concept

37. Which of the following is not a real account?

38. The assets that can be converted into cash within a short period are known as _____

39. Which of the following is a long-term liability?

40. Profit is a part of _____

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