Jamb Test UTME 2026 Accounting Practice Questions- JAMB CBT Online Test By Damilare Salami March 5, 2026 0 votes, 0 avg Accounting Jamb Test2026 JAMB CBT Practice Quiz – Free Online UTME Mock Test & Past Questions. 2026 JAMB Accounting CBT Practice Test – 50 Real Exam Questions. 1 / 50 Category: Accounting Principles of Accounts: partnership appropriations, branch accounts, ratios, depreciation, bank reconciliation, control accounts, and adjustments. 1. The amount by which assets exceed liabilities is A. premium B. bonus C. capital D. goodwill 2 / 50 Category: Accounting 2. Goods bought on credit are first entered in the A. cash book B. journal proper C. purchases ledger D. sales day book 3 / 50 Category: Accounting 3. An example of fictitious assets is A. stock B. overdraft C. goodwill D. motor vehicles 4 / 50 Category: Accounting 4. Which of the following is an intangible asset? A. Stock of goods B. Trade creditors C. Trade debtors D. Goodwill 5 / 50 Category: Accounting 5. Halidu and Hamed are partners with capitals of ₦30,000 and ₦20,000. Profit of ₦12,000 includes Halidu's salary of ₦3,000. Hamed's share of profit should be A. debited to drawings B. credited to current account C. credited to capital account D. debited to appropriation account 6 / 50 Category: Accounting 6. The accounting entries for a cheque issued by a business is to A. debit cash book and credit drawer B. credit cash book and debit payee C. debit drawer and credit cash book D. credit payee and debit cash book 7 / 50 Category: Accounting 7. An accounting ratio that considers only quick assets for short-term safety margin is the A. fixed assets ratio B. capital gearing ratio C. current assets ratio D. acid test ratio 8 / 50 Category: Accounting 8. Discount allowed is enjoyed by A. managers B. customers C. suppliers D. employees 9 / 50 Category: Accounting 9. The difference in the sales ledger control account is transferred to the A. profit and loss account B. sales account C. suspense account D. balance sheet 10 / 50 Category: Accounting 10. If Emeka Enterprises settles suppliers within 7 days for 12.5% cash discount, this is recorded as A. trade discount B. cash discount C. quantity discount D. seasonal discount 11 / 50 Category: Accounting 11. The major advantage of an imprest system is that it A. ensures proper accountability for every expenditure B. prevents the cashier from spending more than the imprest amount C. allows unlimited petty cash expenditure D. eliminates the need for vouchers 12 / 50 Category: Accounting 12. The conversion of a partner's business into a limited liability company affords the A. partner unlimited liability B. partner limited liability C. company unlimited capital D. company no tax advantage 13 / 50 Category: Accounting 13. Which ratio gives an idea of the liquidity of a firm? A. Turnover ratio B. Return on investment C. Current ratio D. Debt-equity ratio 14 / 50 Category: Accounting 14. Goods sent to branch are debited in head office books to A. branch stock account B. branch current account C. goods sent to branch account D. branch adjustment account 15 / 50 Category: Accounting 15. The main purpose of a transaction file is to A. record assets and liabilities B. make organizational decisions C. update income and expenses D. store historical data only 16 / 50 Category: Accounting 16. Rent ₦50,000 paid by cheque is recorded as A. Debit rent, credit bank B. Debit rent, credit bank C. Debit bank, credit rent D. No entry needed 17 / 50 Category: Accounting 17. The accounting equation is A. Assets + Expenses = Liabilities + Equity B. Assets = Liabilities + Owner's Equity C. Assets + Liabilities = Equity D. Equity = Assets - Expenses 18 / 50 Category: Accounting 18. In branch accounts, gross profit in branch adjustment account is transferred to A. branch trading account B. branch current account C. branch stock account D. head office profit and loss 19 / 50 Category: Accounting 19. An evidence of payment issued to a government ministry by a revenue collector is A. treasury card B. voucher C. receipt D. warrant 20 / 50 Category: Accounting 20. The amount paid by the buyer of a business sold as a going concern is A. goodwill B. purchase consideration C. net assets D. capital employed 21 / 50 Category: Accounting 21. If machinery cost ₦100,000 with scrap value ₦15,000 and useful life 5 years, yearly depreciation (straight-line) is A. ₦11,000 B. ₦7,000 C. ₦17,000 D. ₦24,000 22 / 50 Category: Accounting 22. Sales ledger control account contains totals in respect of A. cash sales B. credit sales to debtors C. returns inward D. purchases 23 / 50 Category: Accounting 23. The use of three-column cash book is mainly for recording A. cash transactions only B. petty cash only C. contra entries only D. cash, bank and discount 24 / 50 Category: Accounting 24. Which of the following branches of accounting was first developed? A. Financial accounting B. Cost accounting C. Management accounting D. Tax accounting 25 / 50 Category: Accounting 25. The principle applied to check arbitrary actions by accountants is A. consistency B. materiality C. objectivity D. prudence 26 / 50 Category: Accounting 26. Capital employed is calculated as A. Fixed assets + net current assets B. Fixed assets + current assets C. Total assets - current liabilities D. Owner's equity only 27 / 50 Category: Accounting 27. In partnership, interest on capital is treated as A. appropriation of profit B. charge against profit C. drawings D. expense in P&L 28 / 50 Category: Accounting 28. Bank reconciliation is prepared to A. correct bank errors B. update ledger C. reconcile cash book with bank statement D. calculate overdraft 29 / 50 Category: Accounting 29. Provision for doubtful debts is A. ignored in final accounts B. debited to profit and loss C. credited to profit and loss D. debited to balance sheet 30 / 50 Category: Accounting 30. FIFO method of stock valuation assumes A. last in first out B. first in first out C. specific identification D. average cost 31 / 50 Category: Accounting 31. Depreciation is charged to A. profit and loss account B. trading account C. capital account D. balance sheet only 32 / 50 Category: Accounting 32. A credit balance in purchases ledger control account indicates A. overpayment to creditors B. creditors owing the business C. discount received D. returns outward 33 / 50 Category: Accounting 33. The accounting concept that assumes the business will continue indefinitely is A. going concern B. accrual C. consistency D. prudence 34 / 50 Category: Accounting 34. Drawings are A. expenses B. added to capital C. deducted from capital D. income 35 / 50 Category: Accounting 35. In incomplete records, net profit is calculated using A. statement of affairs B. cash book only C. trial balance D. single entry 36 / 50 Category: Accounting 36. A suspense account is used to A. record errors permanently B. record cash discounts C. temporarily hold differences in trial balance D. adjust depreciation 37 / 50 Category: Accounting 37. Goodwill is A. tangible asset B. intangible asset C. current asset D. fictitious liability 38 / 50 Category: Accounting 38. The imprest system maintains petty cash at A. overdraft B. zero balance C. varying amount D. fixed amount 39 / 50 Category: Accounting 39. Return inwards are debited to A. returns inwards account B. purchases C. debtors 40 / 50 Category: Accounting 40. Acid test ratio excludes A. cash B. debtors C. Stocks D. prepaid expenses 41 / 50 Category: Accounting 41. In branch accounting, abnormal loss is debited to A. branch profit and loss B. branch adjustment account C. head office D. branch stock 42 / 50 Category: Accounting 42. The double entry principle requires A. every debit has a corresponding credit B. one debit only C. credit only for sales D. no entry for cash 43 / 50 Category: Accounting 43. A bill payable is a A. current asset B. fixed asset C. capital D. current liability 44 / 50 Category: Accounting 44. The objective of bookkeeping is to A. record transactions systematically B. calculate tax C. prepare final accounts only D. audit accounts 45 / 50 Category: Accounting 45. Cash discount is A. deducted from gross profit B. added to sales C. shown in profit and loss D. ignored 46 / 50 Category: Accounting 46. In manufacturing accounts, prime cost includes A. factory overheads B. direct materials + direct labour + direct expenses C. administration costs D. None 47 / 50 Category: Accounting 47. Accumulated depreciation is shown as A. asset B. liability C. deduction from fixed asset D. expense 48 / 50 Category: Accounting 48. A debit balance in sales ledger control means A. debtors owe less B. creditors control C. cash sales D. overstatement or error 49 / 50 Category: Accounting 49. The accounting period is usually A. one month B. one year C. five years D. indefinite 50 / 50 Category: Accounting 50. Prudence concept requires A. recognition of losses immediately but profits when realized B. overstatement of profits C. ignoring future events D. equal treatment always Your score isThe average score is 28% 0% Restart quiz Post navigation Prev post: Prev PostNext post: Next Post 0 CommentsClose Comments Leave a comment Cancel replyName E-mail Save my name, email, and website in this browser for the next time I comment. Comment By using this form you agree with the storage and handling of your data by this website. For further details on handling user data, see our Privacy Policy
