Jamb 2019 Financial Past Questions And Answers
An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is
- A. Ministry of Finance
- B. Accountant General
- C. Revenue office
- D. Auditor General
Where there is no agreement made by the partners, the following provisions takes place except
- A. No salary for partners acting in the business
- B. There is interest on capital
- C. No interest to be charged on drawings
- D. Profit and loss are to be shared equally
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an
- A. warrant
- B. budget
- C. imprest
- D. consolidated fund
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
- A. profit
- B. capital
- C. loss
- D. cash
Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit
- A. Tosanwumi International, credit purchase Account
- B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
- C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
- D. Tosanwumi International ₦150,000, credit credit Account ₦150,000
One of the objective of maintaining the account of a branch at the head office is to
- A. to access the performance of the branches
- B. check the excesses of customers
- C. record charges in shareholdings
- D. record charges in liabilities
Show how the following transaction will be recorded applying the double-entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July 2017 by cheque.
- A. Dr Rent A/c; Dr Bank A/c
- B. Dr Bank A/c; Cr Rent A/c
- C. Dr Rent A/c; Cr Bank A/c
- D. Dr Rent A/c; Cr Mr. Roi
Use the information to answer this question
Payment to creditors #12,250
Creditors at start #550
Creditors at end #830
What us the amount of purchase
- A. #11,970
- B. #11,000
- C. #1,250
- D. #12,053
Given:
| Fixed assets Liabilities Current assets | # 55,000 20,000 13,000 |
What is the capital?
- A. #88,000
- B. #48,000
- C. #62,000
- D. #55,000
The difference between double entry and single entry is
- A. double entry is based on the dual concept while single entry is not based on dual concept
- B. double entry is an account while single entry is not an account
- C. double entry keeps personal account while single does not
- D. double entry is useful for business enterprise while single entry is not