Jamb Accounting Past Questions For Year 2012
Question 1
An accountant must not only be interested in record keeping but also in
- A. the application of professional competency
- B. the accuracy of postings
- C. the casting of financial figures
- D. effective preparation of balance sheet
Question 2
The basis upon which assets of an organization is valued is the
- A. historical concept
- B. business entity concept
- C. periodicity concept
- D. materiality concept
Question 3
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit
- A. purchases #12,000 and credit Ibrahim #12,000
- B. purchases #12,000 and credit sugar account #12,000
- C. Jide #12,000 and credit purchases
- D. Ibrahim #12,000 and sugar account #12,000
Question 4
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
- A. sugar account #12,000 and credit Jide #12,000
- B. Jide #12,000 and credit sales account #12,000
- C. Ibrahim #12,000 and credit Jide #12,000
- D. sugar account #12,000 and credit Ibrahim #12,000
Question 5
Akirika bought a motor van for his business by cash. The entries are to debit
- A. motor van and credit Akirika
- B. sales and credit Akrika
- C. motor van and credit cash
- D. cash and credit motor van
