Accounting jamb past questions. Accounting is an important subject for students preparing for the Unified Tertiary Matriculation Examination conducted by Joint Admissions and Matriculation Board. It focuses on the principles and procedures used in recording, classifying, summarizing, and interpreting financial transactions in a business. Understanding these accounting concepts helps candidates develop the analytical skills required to answer objective questions in the examination. The questions below are past examination style objective questions designed to help candidates practice and prepare effectively for the accounting section of the exam.
Accounting Jamb Past Questions
1. Which of the following is regarded as the book of original entry?
a) Ledger
b) Journal
c) Trial balance
d) Balance sheet
2. The accounting concept which assumes that a business will continue to operate for a long time is known as
a) Consistency concept
b) Going concern concept
c) Accrual concept
d) Prudence concept
3. Which of the following accounts is a personal account?
a) Rent account
b) Machinery account
c) Debtors account
d) Capital account
4. The excess of total assets over total liabilities is known as
a) Capital
b) Profit
c) Revenue
d) Discount
5. Which of the following documents is used when goods are returned to the supplier?
a) Invoice
b) Credit note
c) Debit note
d) Receipt
6. The ledger is used mainly to
a) Record transactions chronologically
b) Classify business transactions
c) Prepare invoices
d) Calculate profit
7. A trial balance is prepared mainly to
a) Detect fraud
b) Check arithmetic accuracy of entries
c) Calculate profit
d) Record transactions
8. Which of the following is an example of a current asset?
a) Building
b) Motor vehicle
c) Cash at bank
d) Furniture
9. The principle that requires revenue to be matched with the expenses incurred in generating it is known as
a) Matching principle
b) Dual aspect principle
c) Money measurement principle
d) Historical cost principle
10. The book used to record cash and bank transactions is called
a) Journal
b) Cash book
c) Purchases book
d) Sales book
Accounting Jamb Past Questions
11. When a business buys goods on credit, the account to be credited is
a) Purchases account
b) Cash account
c) Creditor’s account
d) Capital account
12. Which of the following errors cannot be disclosed by a trial balance?
a) Error of omission
b) Error of casting
c) Error of balancing
d) Error of posting
13. The term used to describe reduction in the value of fixed assets is
a) Appreciation
b) Depreciation
c) Amortization
d) Depletion
14. Which of the following is not a feature of a partnership?
a) Profit sharing
b) Mutual agency
c) Limited liability
d) Agreement between partners
15. A document sent by a seller to a buyer showing details of goods sold is called
a) Invoice
b) Receipt
c) Voucher
d) Debit note
16. The financial statement that shows the financial position of a business at a particular date is
a) Trading account
b) Profit and loss account
c) Balance sheet
d) Cash book
17. Which of the following is a liability?
a) Debtors
b) Stock
c) Bank loan
d) Furniture
18. The double entry principle means that
a) Every transaction affects two accounts
b) Every transaction affects one account
c) Transactions are recorded once
d) Accounts are balanced yearly
19. The difference between sales and sales returns is known as
a) Net sales
b) Gross profit
c) Turnover
d) Net income
20. Goods returned by customers are recorded in the
a) Purchases journal
b) Returns inward journal
c) Returns outward journal
d) Sales journal
Accounting Jamb Past Questions
21. Capital introduced by the owner increases
a) Assets and capital
b) Assets and liabilities
c) Expenses and liabilities
d) Capital and expenses
22. Which of the following is an example of intangible asset?
a) Building
b) Goodwill
c) Furniture
d) Stock
23. The statement sent periodically by a creditor to a debtor is called
a) Statement of account
b) Invoice
c) Debit note
d) Receipt
24. Which account is debited when cash is paid into the bank?
a) Cash account
b) Bank account
c) Capital account
d) Drawings account
25. The account that records the proprietor’s withdrawals is
a) Capital account
b) Drawings account
c) Cash account
d) Sales account
26. Which of the following is not a source document?
a) Invoice
b) Receipt
c) Voucher
d) Ledger
27. The excess of revenue over expenses is known as
a) Profit
b) Loss
c) Capital
d) Liability
28. The record of goods bought on credit is kept in the
a) Purchases day book
b) Sales day book
c) Cash book
d) Journal proper
29. Which of the following accounts is a nominal account?
a) Rent
b) Cash
c) Debtors
d) Building
30. The accounting year is usually
a) 3 months
b) 6 months
c) 12 months
d) 24 months
Accounting Jamb Past Questions
31. Which of the following is prepared after the trial balance?
a) Ledger
b) Financial statements
c) Journal
d) Cash book
32. A debit balance in the bank column of a cash book indicates
a) Bank overdraft
b) Cash shortage
c) Money in the bank
d) Loan repayment
33. Which of the following is an expense?
a) Rent paid
b) Capital
c) Sales
d) Debtors
34. The main purpose of depreciation is to
a) Reduce tax
b) Show asset value reduction
c) Increase profit
d) Increase capital
35. The entry for credit sales is recorded in the
a) Sales journal
b) Purchases journal
c) Cash book
d) Returns journal
36. Which of the following is not a fixed asset?
a) Land
b) Building
c) Motor vehicle
d) Stock
37. Which document acknowledges payment received?
a) Invoice
b) Receipt
c) Debit note
d) Credit note
38. If assets are ₦50,000 and liabilities are ₦20,000, the capital is
a) ₦70,000
b) ₦30,000
c) ₦20,000
d) ₦50,000
39. Which of the following accounts normally has a credit balance?
a) Cash
b) Debtors
c) Capital
d) Drawings
40. The process of transferring journal entries to ledger accounts is called
a) Casting
b) Posting
c) Balancing
d) Recording
Accounting Jamb Past Questions
41. The difference between current assets and current liabilities is
a) Capital
b) Working capital
c) Profit
d) Revenue
42. Which of the following is a current liability?
a) Bank overdraft
b) Building
c) Furniture
d) Motor vehicle
43. The purchases returns book records
a) Cash purchases
b) Credit purchases
c) Goods returned to suppliers
d) Goods returned by customers
44. Which account shows profit or loss of a business?
a) Trading account
b) Profit and loss account
c) Cash account
d) Capital account
45. A business transaction that is not recorded is called
a) Error of omission
b) Error of commission
c) Error of principle
d) Error of casting
46. Which of the following is not a user of accounting information?
a) Managers
b) Investors
c) Customers
d) Accountants
47. The term used when expenses exceed revenue is
a) Profit
b) Loss
c) Capital
d) Surplus
48. The document issued when goods are returned by the buyer is
a) Debit note
b) Credit note
c) Invoice
d) Receipt
49. Which of the following books records small daily expenses?
a) Petty cash book
b) Cash book
c) Purchases book
d) Sales book
50. Which concept states that accounting records only transactions measurable in money?
a) Business entity concept
b) Money measurement concept
c) Consistency concept
d) Accrual concept
Accounting Jamb Past Questions
51. The accounting equation is expressed as
a) Assets = Capital + Liabilities
b) Assets = Capital – Liabilities
c) Capital = Assets + Liabilities
d) Liabilities = Assets + Capital
52. Which of the following is an example of revenue?
a) Sales
b) Loan received
c) Capital
d) Bank overdraft
53. A decrease in assets with a corresponding decrease in capital results from
a) Drawings
b) Profit
c) Sales
d) Investment
54. The statement prepared to reconcile bank balance is called
a) Bank statement
b) Bank reconciliation statement
c) Cash statement
d) Balance sheet
55. Which account is credited when goods are sold for cash?
a) Sales account
b) Cash account
c) Purchases account
d) Capital account
56. The book that contains all accounts is called
a) Journal
b) Ledger
c) Cash book
d) Day book
57. When goods are withdrawn by the owner for personal use, it is called
a) Capital
b) Drawings
c) Purchases
d) Returns
58. Which of the following is not a financial statement?
a) Balance sheet
b) Trading account
c) Profit and loss account
d) Cash book
59. Which of the following is used to reduce errors in accounting?
a) Trial balance
b) Invoice
c) Voucher
d) Receipt
60. The accounting concept that treats the owner and business as separate entities is
a) Business entity concept
b) Prudence concept
c) Matching concept
d) Consistency concept
Correct answer Accurate Answers
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