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Jamb past questions and answers for FINANCIAL ACCOUNTING-2023

Apr 11 2024 07:54:00 AM

John Elijah

Jamb Updates

(Financial Accounting 2023) Model past questions and answers

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Welcome to poscholars page. Remember you can succeed in whatever you do. if you have watched the movie titled 'Zootopia' you will know what am talking about. Now, back to the matter, did you choose financial accounting as part of your UTME subject combination for Jamb? if yes, great!
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You see, we have your interest in our heart so we have compiled UTME past question for financial accounting 2023. This is a great resource and I enjoin you to check it out and master the answer and definition of concepts you see in the question.
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You can study the 40 (forty) Jamb Financial Accounting past questions and answer for 2023 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 (2023) Questions and Answers 1 - 10
  2. Jamb Financial Accounting (2023) Questions and Answers 11 - 20
  3. Jamb Financial Accounting (2023) Question and Answers 21 - 30
  4. Jamb Financial Accounting (2023) Question and Answers 31 - 40
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Jamb Financial Accounting (2023) Questions and Answers 1 - 10

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1. Which of the following is not an accounting software?
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(a) Tally
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(b) Zoho books
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(c) Adobe photoshop
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(d) Tipalti
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The correct answer is: (c) Adobe photoshop
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2. What is the abbreviation for the account terms Debit and Credit?
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(a) De and CR
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(b) Dt and Ct
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(c) Dr and Cre
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(d) Dr and Cr
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The correct answer is: (d) Dr and Cr
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3. _____ and _____ are the types of transaction in accounting
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(a) Revenue and capital
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(b) Wages and investment
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(c) Capital and cheque
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(d) Revenue and wages
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The correct answer is: (a) Revenue and capital
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4. Full meaning of VAT is _____
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(a) Value Advantage Tax
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(b) Value Added Tax
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(c) Victory Added Tax
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(d) Value Added Table
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The correct answer is: (b) Value Added Tax
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5. Which of the following is NOT a branch of accounting?
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(a) Financial accounting
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(b) Cost accounting
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(c) Investment accounting
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(d) Management accounting
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The correct answer is: (c) Investment accounting
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6. All this are types of account involved in double entry book-keeping EXCEPT _____
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(a) Capital account
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(b) Asset account
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(c) Expenses acount
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(d) Salary account
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The correct answer is: (b) Asset account
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(a) Certificate of Incorporation
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(b) Birth certificate
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(c) Statement of Account
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(d) Spreadsheet
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The correct answer is: (a) Certificate of Incorporation
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8. _____ is a cost statement of product for a specific period of time. It contain direct and indirect expenses involved in producing a product
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(a) Bill sheet
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(b) Cost sheet
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(c) Invoice
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(d) Waybill
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The correct answer is: (b) Cost sheet
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9. Which of the following is NOT a type of special journals?
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(a) Sales journals
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(b) Cash journals
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(c) Purchase journals
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(d) None of the above
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The correct answer is: (d) None of the above
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10. _____ can be defined as an obligation towards another company or party
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(a) Liability
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(b) Equity
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(c) Asset
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(d) Partnership
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The correct answer is: (a) Liability
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Jamb Financial Accounting (2023) Questions and Answers 11 - 20

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11. _____ refers to a number of basic or self evident truths that are universally accepted in accounting
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(a) Acount statement
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(b) Accounting principle
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(c) Balance sheet
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(d) Legal entry
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The correct answer is: (b) Accounting principle
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12. Assets that cannot be shown or touched are referred to _____
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(a) Fictitous assets
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(b) Property assets
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(c) Monetary assets
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(d) All of the above
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The correct answer is: (a) Fictitous assets
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13. Institute of Chartered Accountants of Nigeria is simply abbreviated as _____
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(a) IOCAN
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(b) ICAN
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(c) IOCAIN
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(d) ICAIN
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The correct answer is: (b) ICAN
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14. All these are intangible assets EXCEPT _____
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(a) Copyright
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(b) Trademark
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(c) Brand names
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(d) None of the above
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The correct answer is: (d) None of the above
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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 _____
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(a) Business mix
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(b) Scenario analysis
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(c) Portfolio analysis
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(d) Integrated strategy
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The correct answer is: (c) Portfolio analysis
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16. Accounting principles are generally based on _____
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(a) Practicability
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(b) Subjectivity
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(c) Convenience in recording
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(d) Legal framework
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The correct answer is: (a) Practicability
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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?
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(a) Cost principle
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(b) Disclosure principle
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(c) Consistency principle
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(d) Conservatism principle
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The correct answer is: (d) Conservatism principle
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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
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(a) 12:8:6
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(b) 12:7:6
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(c) 12:8:5
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(d) 12:3:7
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The correct answer is: (c) 12:8:5
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19. Which of the following is NOT a method for calculating or ascertaining the amount of purchase consideration?
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(a) Share exchange method
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(b) Net assets method
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(c) Net payment method
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(d) Gross receipt method
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The correct answer is: (d) Gross receipt method
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20. 'Loses are anticipated and profit are not accounted until realised' is the part of one of the following principles
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(a) Conservatism
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(b) Consistency
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(c) Disclosure
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(d) Comparability
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The correct answer is: (a) Conservatism
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Jamb Financial Accounting (2023) Question and Answers 21 - 30

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21. Capital invested by the owner is shown as a liability in the balance sheet due to _____ in accounting
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(a) Going concern concept
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(b) Cost concept
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(c) Separate entity concept
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(d) Money measurement concept
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The correct answer is: (c) Separate entity concept
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22. Revenue from sale of products ordinarily is reported as part of earning in the period in which _____
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(a) The order is received
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(b) The cheque is received
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(c) The cash is collected
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(d) The sales is made
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The correct answer is: (d) The sales is made
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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?
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(a) Tax audit
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(b) Cost audit
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(c) Operations Audit
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(d) Independent financial audit
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The correct answer is: (b) Cost audit
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24. What is the renewal fees paid for a patent right?
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(a) Capital expenditure
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(b) Revenue expenditure
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(c) Deferred revenue expenditure
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(d) Development expenditure
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The correct answer is: (b) Revenue expenditure
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25. What does management audit imply?
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(a) Detailed audit
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(b) Compete audit
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(c) Interim audit
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(d) Efficiency audit
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The correct answer is: (d) Efficiency audit
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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.
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(a) Sales ledger
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(b) Cash book
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(c) Nominal ledger
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(d) Purchase ledger
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The correct answer is: (d) Purchase ledger
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27. A future economic benefit owned or controlled by the reporting company, such as inventory, land or equipment is _____
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(a) Liability
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(b) Revenue
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(c) Asset
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(d) Expense
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The correct answer is: (c) Asset
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28. Financial accounting covers overall performance of the _____
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(a) Company
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(b) Market
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(c) Finance department
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(d) Competitors
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The correct answer is: (a) Company
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29. _____ records the movement of cash in and out of the company
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(a) Profit and loss account
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(b) Notes and schedule
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(c) Balance sheet flow
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(d) Fund flow statement
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The correct answer is: (d) Fund flow statement
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30. _____ is written evidence in support of a business transaction
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(a) Voucher
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(b) Journal
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(c) Ledger
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(d) None of the above
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The correct answer is: (a) Voucher
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Jamb Financial Accounting (2023) Question and Answers 31 - 40

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31. Capital increases if _____
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(a) Cost increases
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(b) Expenses increases
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(c) Revenue increases
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(d) Interest on capital increases
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The correct answer is: (c) Revenue increases
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32. Current assets minus current liabilities is equal to _____
(a) Fixed capital
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(b) Gaining capital
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(c) Loosing capital
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(d) Working capital
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The correct answer is: (d) Working capital
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33. _____ can also be referred to as tangible asset
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(a) Current asset
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(b) Fixed asset
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(c) Liquid asset
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(d) Other asset
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The correct answer is: (b) Fixed asset
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34. The rule 'debit all expenses and losses and credit all income and gains' relates to _____
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(a) Nominal accounts
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(b) Real accounts
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(c) Personal account
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(d) None of the above
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The correct answer is: (d) None of the above
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35. Rent paid to landlord should be credited to _____
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(a) Cash account
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(b) Rent account
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(c) Landlord account
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(d) None of the above
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The correct answer is: (a) Cash account
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36. The proprietor of the business is treated as creditor for the capital introduced by him due to _____ concept
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(a) Cost
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(b) Entity
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(c) Money measurement
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(d) None of the above
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The correct answer is: (b) Entity
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37. Which of the following is not a real account?
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(a) Cash A/c
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(b) Purchase A/c
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(c) Outstanding rent A/c
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(d) Investment A/c
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The correct answer is: (c) Outstanding rent A/c
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38. The assets that can be converted into cash within a short period are known as _____
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(a) Current assets
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(b) Fixed assets
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(c) Intangible
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(d) Investments
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The correct answer is: (a) Current assets
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39. Which of the following is a long-term liability?
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(a) Outstanding expenses
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(b) Debentures
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(c) Share capital
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(d) None of the above
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The correct answer is: (c) Capital appreciation
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40. Profit is a part of _____
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(a) Income
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(b) Assets
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(c) Owner's capital
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(d) Investment
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The correct answer is: (c) Owner's capital
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Without doubt I believe you are happy with the questions and answers on Jamb Financial Accounting 2023 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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