40 Jamb Financial Accounting Questions & Answer 2023/2024

40 Likely Jamb Financial Accounting Questions 2023/2024

Now today we will be looking at: 40 Jamb Financial Accounting Questions & Answer 2023/2024. Many Jamb candidates who put Financial Accounting as their aspiring course is asking for jamb Financial Accounting past question and answer. What will Jamb set in Accounts for 2023 UTME and what are the top hot likely questions to come out in Jamb 2022 Accounts? We know that any candidate who wants to score high in his/her jamb most make use of Financial Accounting questions. However, most of you have been calling me asking me to provide you with Financial Accounting past question or likely questions to come out on the jamb day. Some are even asking how important is likely Financial Accounting questions. So I have complied more than 40 likely jamb Financial Accounting Questions 2023/2024. 

This hunt of knowing the Jamb Financial Accounting Questions & Answer 2023/2024 made the student to be searching online for jamb financial accounting questions, jamb financial accounting questions 2023/2024, financial, accounting jamb questions 2022, jamb past questions on financial accounting, jamb past questions and answers on financial account, 40 Jamb Financial Accounting Questions & Answer 2023/2024. However, if your one of the students searching for all that you’re not alone. Vastlearners.com is with all the answers to your questions in this single post.

WHAT IS JAMB Financial Accounting PAST QUESTION

Many of jamb candidate Is hearing about jamb Financial Accounting past question without knowing what it is. Past question is a compiled question from the previous jamb examination. We are compiling questions each year after jamb examination.  The same thing will happen this year, after jamb examination we will add the questions to our past questions. Past questions are very important in jamb examination because it helps candidates know how the previous jamb question is. Past questions also help jamb candidates to taste their selves and prepare well for the main examination.

WHAT ARE THE POSSIBLE, LIKELY QUESTIONS & ANSWER ON Financial Accounting

Well, some of don’t know the meaning of possible questions. Possible question on Jamb Financial Accounting is just question compiled from the Recommended textbook. This possible or likely question is not the question that is going to come out in your utme exams. But these questions will help you sharping your brain in preparation for the main UTME examination. So I advise you to make good of these questions were going to list below.

Jamb Accounts Questions And Answers 2022/2023

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 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

11. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the

Answer: Auditor General

12. The cash basis of accounting requires the recognition of revenue only when they are

Answer: Received

13. Responsibility accounting is particularly concerned with

Answer: Controllable costs

14. Earnings per share is a measure of

Answer: Profitability

15. Subscription owned by members of a club is a/an

Answer: Asset

16. The subscription paid in advance is treated in the balance sheet of a club as

Answer: A liability

17. The movement of goods from head office to branch is treated in the head office accounts as

Answer: Sales

18. Which of the following is a common cause of discrepancy between head office and branch trial balance

Answer: Debtors and cash in transit

19. Which type of stock valuation method would a vegetable seller adopt in valuing its product?

Answer: FIFO

20. Question: The transactions relating to liquidation in partnership account is drawn by using

Answer: cash account

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More Jamb Accounts Questions And Answers 2022/2023

21. Deferred charges are also known as

Answer: Accrued expenses

22. Factory wages are always entered into which account?

Answer: Manufacturing account

23. One of the reasons for the existence of the public sector is to

Answer: provide cheap services to all citizens

24. The correct entry to reflect the receipt of cash sent by a branch to a head office is

Answer: Debit cash and credit branch current account

25. Working-in-progress is the value of

Answer: partly finished goods

26. The Act establishing the institute of Chartered accountants in Nigeria (ICAN) came into force on

Answer: 1st September, 1965

27. The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

Answer: Market value of goods produced

28. An effective accounting system should provide information

Answer: On internal and external reporting for managers and third parties

29. An ordinary share of #60 was issued at #75. The share was issued at

Answer: Premium

30. Preliminary expenses of a limited liability company are

Answer: Fictious assets

31. The subscription paid in advance is treated in the balance sheet of a club as

Answer: A liability

32. In the dissolution of a partnership business, the net book, value of the assets is transferred to

Answer: Debit realization account

33. The chief accounting officer of a local government is the

Answer: Chairman

34. The founder of a company are

Answer: promoters

35. A component of an overhead manufacturing cost is

Answer: Rent

36. The price paid by an acquiring company is the

Answer: Purchase consideration

37. After receiving the financial statement, the Auditor General of the Federation must submit a report to the National Assembly within

Answer: 30 days

38. The amount of money for a particular purpose by a government organization for its expenditure is the

Answer:  fund

39. Investors are interested in accounting information to determine the organization’s

Answer: profitability ratio

40. Working capital is calculated as

Answer: current assets less current liabilitities

This is all we have for this topic: 40 Jamb Financial Accounting Questions & Answer 2022/2023.