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Jamb Accounting Past question and answers pdf download

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Jamb Accounting Questions And Answers

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 the 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