Free JAMB UTME Accounting Exam Questions and Answers
JAMB UTME Accounting is the Accounting paper of the Unified Tertiary Matriculation Examination (UTME), set by Nigeria's Joint Admissions and Matriculation Board for entry to universities, polytechnics and colleges of education. The UTME is a computer-based multiple-choice test. The questions here are past JAMB Accounting questions from 1990 to 2015, with the answer and, where the source gave one, an explanation.
If you searched for JAMB UTME Accounting dumps, an ExamTopics discussion or a free PDF, this is the question bank for it: practice questions with verified answers and explanations, a timed practice test and updates whenever JAMB changes the exam.
Last updated: October 15, 2026
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Question #1
In preparing the final accounts, the bad debt account is closed by a transfer to the
Correct answer: C
Explanation
In closing a bad debt account the amount is transferred to the profit and loss account as a change against profit.
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Question #2
Given: | | N | | stock (1/4/94) | 800 | | purchase of flour | 2450 | | sales | 4745 | | wages of bakery staff | 675 | | carriage outwards | 50 | | salary of administrative staff | 225 | | stock (31/3/95) | 940 | | capital | 1540 | Determine the cost of goods sold
Correct answer: B
Explanation
Determining cost of goods sold: Opening stock 800 + Purchases 2450 = 3250; less Closing Stock 940 = 2310; Wages 675 = 2985
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Question #3
In a petty cash book the imprest is N1380. Expenses: | | N | | Stationery | 350 | | Cleaning material | 335 | | General expenses | 265 | How much was received to maintain the imprest at the end of the month?
Correct answer: A
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Question #4
Income statement for the year ended June 30, 2001 | Expenses | N | | Revenue | N | | Office rent | 20,000 | | Revenue | 820,000 | | NEPA (Light) | 15,000 | | | | | Salary of staff | 120,000 | | | | | Miscellaneous Expenses | ? | | | | | Income | ? | | | | A miscellaneous expense is 10% of the revenue. Calculate the net income
Correct answer: A
Explanation
Office rent 2000, NEPA (Light) 15,000, Miscellaneous 82000, Net Income 583,000 = 820,000; Revenue 820,000
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Question #5
An entry in a subsidiary book which does not form part of the double entry system is a
Correct answer: D
Explanation
Memorandum entries are entries recorded in the cash book to modify recording process of discount allowed and discount received accounts.
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Question #6
In an incomplete record, the preparation of bank reconciliation ensures that
Correct answer: B
Explanation
Incomplete record is a system of accounting where most records are not recorded. This will affect the cash book and will be count when bank reconciliation is prepared.
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Question #7
I. Fixtures account II. Machinery account III. Wages account IV. Rent account Which of the above are nominal accounts?
Correct answer: A
Explanation
Nominal accounts are accounts of intangible assets, expenses and revenue accounts. Wages and rent accounts are expenses accounts.
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Question #8
NAFARA & SONS Balance sheet as at 31st December, 1987 | | N | | Capital | 74480 | | Creditors | 15875 | | Prepaid expenses | 580 | | Motor vehicles | 34750 | | Furniture | 35850 | | Accured expenses | 645 | | Stock | 8100 | | Cash balance | 9911 | | Debtors | 1809 | Compute the value of current assets.
Correct answer: A
Explanation
Current assets are assets that exist for only short-term. They are also called circulating assets because of their changing nature. Stock 8100, Debtors 1809, Prepaid Expenses 580, Cash Balance 9911 = 20,000
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Question #9
Use the information below to answer questions 9 and 10 The Assets and Liabilities of Udo Co. Ltd. as at 31st December, 2000 | | N | | Creditors | 50000 | | Debtors | 46000 | | Loan | 10000 | | Stock | 20000 | | Motor vehicle | 120000 | | Building | 70000 | | Accured wages | 30000 | | Bank | 25000 | The value of money invested by the owners is
Correct answer: C
Explanation
Owner Investment = Total Asset less Liabilities: 281,000 - 180,000 = 101,000
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Question #10
Use the information below to answer questions 9 and 10 The Assets and Liabilities of Udo Co. Ltd. as at 31st December, 2000 | | N | | Creditors | 50000 | | Debtors | 46000 | | Loan | 10000 | | Stock | 20000 | | Motor vehicle | 120000 | | Building | 70000 | | Accured wages | 30000 | | Bank | 25000 | The liabilities of Udo Co. Ltd is
Correct answer: A
Explanation
Liabilities: Creditors 50,000 + Loans 100,000 + Accrued Wages 30,000 = #180,000
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