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UTME 2024

JAMB Accounting past questions and answers

10 questions from the most recent UTME Accounting papers in our bank, across different topics. Try each one, then open the answer to see a worked solution.

  1. Question 1 · UTME 2024 · Principles of Double Entry

    The basic accounting equation is

    1. AAssets − Liabilities = Owner's Equity
    2. BAssets + Expenses = Liabilities + Equity
    3. CAssets + Liabilities = Owner's Equity
    4. DRevenue − Expenses = Profit
    Show answer and solution

    Answer: A. Assets − Liabilities = Owner's Equity

    What the question is asking: Accounting equation.

    Key idea: Assets = liabilities + owner's equity, which can be written as assets − liabilities = owner's equity.

    Common trap: Option C adds liabilities to assets, which breaks the equation.

  2. Question 2 · UTME 2024 · Manufacturing Accounts

    When manufactured goods are transferred to the trading account at market price, the difference (manufacturing profit) is credited to the

    1. Amanufacturing account
    2. Bbalance sheet
    3. Ctrading account
    4. Dprofit and loss account
    Show answer and solution

    Answer: D. profit and loss account

    What the question is asking: Manufacturing profit.

    Key idea: The manufacturing account is debited with the profit (transfer value − cost) and the profit and loss account credited.

  3. Question 3 · UTME 2024 · Incomplete Records and Single Entry

    Given (opening and closing): debtors N2,000 and N6,000; stock N1,000 and N1,300. Discount allowed N500; cash received from debtors N10,000. What were the credit sales for the year?

    1. AN14,000
    2. BN10,500
    3. CN14,500
    4. DN16,500
    Show answer and solution

    Answer: C. N14,500

    What the question is asking: Credit sales.

    Key idea: Credit sales = closing debtors + cash received + discount allowed − opening debtors.

    Step 1 – 6,000 + 10,000 + 500 − 2,000 = N14,500.

    Common trap: N14,000 forgets the discount allowed.

  4. Question 4 · UTME 2024 · Stock Valuation (FIFO, LIFO, Simple Average)

    Which of the following is a method of stock valuation?

    1. AAccrual
    2. BOwing
    3. CAdvance
    4. DSAP (simple average price)
    Show answer and solution

    Answer: D. SAP (simple average price)

    What the question is asking: Stock valuation methods.

    Key idea: Simple average price (SAP) is a stock valuation method, as are FIFO, LIFO and weighted average.

  5. Question 5 · UTME 2024 · Final Accounts of a Sole Trader

    Depreciation is

    1. Aan appropriation of profit
    2. Bthe estimated life of an asset
    3. Cthe loss in value of a fixed asset
    4. Dan increase in asset value
    Show answer and solution

    Answer: C. the loss in value of a fixed asset

    What the question is asking: Depreciation.

    Key idea: Depreciation is the fall in value (cost used up) of a fixed asset over its life.

  6. Question 6 · UTME 2024 · Control Accounts and Self-Balancing Ledger

    Purchases ledger control account: cash paid N15,000; bills payable N3,000; discount received N2,500; returns outwards N1,500; sales ledger (contra) N1,200; balance c/d N11,800 (total N35,000). Balance b/d N5,000; purchases journal N30,000 (total N35,000). The item 'sales ledger N1,200' represents

    1. Acash paid to suppliers
    2. Ban amount due from a supplier who is also a customer (set-off)
    3. Ccash purchases
    4. Dcredit purchases
    Show answer and solution

    Answer: B. an amount due from a supplier who is also a customer (set-off)

    What the question is asking: Contra (set-off).

    Key idea: When a supplier is also a customer, the amount he owes the business is set off against what the business owes him: debit purchases ledger control, credit sales ledger control.

  7. Question 7 · UTME 2024 · Bank Transactions and Reconciliation

    The document used to make lodgements into a current account is the

    1. Apaying-in slip
    2. Bcheque book
    3. Cpass book
    4. Dcredit card
    Show answer and solution

    Answer: A. paying-in slip

    What the question is asking: Paying-in slip.

    Key idea: A paying-in (deposit) slip accompanies cash or cheques paid into the account.

  8. Question 8 · UTME 2024 · Nature and Significance of Bookkeeping and Accounting

    Which of the following professional bodies regulates accounting practice by its members in Nigeria?

    1. AANAN
    2. BEFCC
    3. CNIB
    4. DNIT
    Show answer and solution

    Answer: A. ANAN

    What the question is asking: Professional regulation.

    Key idea: The Association of National Accountants of Nigeria (ANAN), like ICAN, is established by law to regulate the conduct and practice of its members.

  9. Question 9 · UTME 2024 · Partnership Accounts

    Goodwill is taken into account in a partnership business when

    1. Athe business is being dissolved
    2. Bthe business has good customer relations
    3. Ca new partner is admitted
    4. Dthe business is making huge profits
    Show answer and solution

    Answer: C. a new partner is admitted

    What the question is asking: When goodwill is valued.

    Key idea: A change in partners' shares, such as the admission of a new partner, requires goodwill to be valued so the old partners are compensated.

  10. Question 10 · UTME 2024 · Company Accounts (including Accounting Ratios)

    The amount paid by the buyer of a business sold as a going concern is the

    1. Apurchase consideration
    2. Bconversion fee
    3. Cconsolidation fee
    4. Dpremium fee
    Show answer and solution

    Answer: A. purchase consideration

    What the question is asking: Purchase consideration.

    Key idea: The total price paid for a business is its purchase consideration.

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