Real JAMB Accounting past questions, each with the correct answer and a worked solution. Below are 8 to work through free — no account needed.
Sample drawn from papers of 2010, 2008.
A company's profit and loss account for a period is prepared by
Goodwill can be in the balance sheet as?
Goodwill is classified as a fictitious asset (also called an intangible asset) because: It has no physical existence or substance It cannot be seen or touched It represents the value of reputation, customer loyalty, brand recognition, etc. It appears on the assets side of the balance sheet but is not a tangible item
Cash received from the subscribed shares is recorded by debting?
When cash is received from subscribed shares, the journal entry is: Debit: Cash Account (cash is coming into the company) Credit: Application and Allotment Account (to record the liability to issue shares)
Ordinary shareholders received dividend before?
In the order of dividend payment priority: Preference shareholders (highest priority) Ordinary shareholders Deferred shareholders (lowest priority) Ordinary shareholders receive dividends before deferred shareholders because deferred shares are specifically designed to receive dividends only after ordinary shareholders have been paid.
A source of revenue that is compulsory payment without any derived benefit is?
Explanation: Taxes are compulsory payments made to the government without receiving any direct or specific benefit in return. Key characteristics: Compulsory - Must be paid by law ₦o direct benefit - Taxpayers don't receive specific services in exchange for their tax payment Government revenue - Used to fund general government operations and public services
The salary of the chief Justice of the Federation is paid from the?
The Consolidated Revenue Fund is the main government account that receives all government revenues and from which all government expenditures are made, including: Salaries of constitutional office holders (like the Chief Justice) Recurrent expenditures Statutory allocations General government operations The Chief Justice of the Federation, being a constitutional office holder, receives salary from this primary government fund.
Which of the following is among the categories of government cash book?
In government accounting, the main categories of cash books include: Treasury cash book - Maintained by the treasury to record all government receipts and payments Ministry cash book - Maintained by individual ministries Department cash book - Maintained by government departments Sub-treasury cash book - For regional treasury offices
The Auditor General of the Federation can be removed by the?
Explanation: under the 1999 Constitution the Auditor-General for the Federation is removed by the President, but only after an address from the Senate supported by a two-thirds majority requesting removal (for inability or misconduct).
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