2026 JAMB Cbt Financial Accounting Questions & Answers

2026 JAMB Cbt Financial Accounting Questions and Answers:

What will Jamb set in Financial Accounting Questions for 2026/2027 UTME and what are the top hot likely questions to come out in Jamb Accounts? Continue reading for important Jamb Financial Accounting Questions and Answers.

The 40 Questions and answers will cover every Chapter in Jamb Accounts. However, they are Likely Financial Accounting Questions and will not be arranged topic by topic.

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Top 2026 Jamb CBT Financial Accounting Questions and Answers Expo

• 1. The profit of a branch is usually credited to the

Answer: Branch office goods account

• 2. Departmental accounts are maintained to ascertain the

Answer: Contribution of each department

• 3. In a professional partnership, membership must be between

Answer: 2 and 10

• 4. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including

Answer: Interest on loans

• 5. The debenture issued at par above the nominal value is said to be issued at a

Answer: Premium

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• 6. Questions: The principal use of control accounts is to

Answer: Localize errors within ledgers

• 7. When a bill is negotiated at the bank, it is said to be

Answer: Discounted

• 8. Credit sales were debited to Akpana instead of B. (leifrogersmd.com) Akpan. This is an error of

Answer: Commission

• 9. The main objective of accounting report is to provide information about …

Answer: An entity’s management

• 10. The purpose of using sales ledger balance to cancel off purchases ledger balance is

Answer: Set off

• 11. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with approved guideline is the

Answer: Auditor General

• 12. The cash basis of accounting requires the recognition of revenue only when they are

Answer: Received

• 13. Responsibility accounting is particularly concerned with

Answer: Controllable costs

• 14. Earnings per share is a measure of

Answer: Profitability

• 15. Subscription owned by members of a club is a/an

Answer: Asset

• 16. The subscription paid in advance is treated in the balance sheet of a club as

Answer: A liability

• 17. The movement of goods from head office to branch is treated in the head office accounts as

Answer: Sales

• 18. Which of the following is a common cause of discrepancy between head office and branch trial balance

Answer: Debtors and cash in transit

• 19. Which type of stock valuation method would a vegetable seller adopt in valuing its product?

Answer: FIFO

• 20. Question: The transactions relating to liquidation in partnership account is drawn by using

Answer: cash account

• 21. Deferred charges are also known as

Answer: Accrued expenses

• 22. Factory wages are always entered into which account?

Answer: Manufacturing account

• 23. One of the reasons for the existence of the public sector is to

Answer: provide cheap services to all citizens

• 24. The correct entry to reflect the receipt of cash sent by a branch to a head office is

Answer: Debit cash and credit branch current account

• 25. Working-in-progress is the value of

Answer: partly finished goods

• 26. The Act establishing the institute of Chartered accountants in Nigeria (ICAN) came into force on

Answer: 1st September, 1965

• 27. The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

Answer: Market value of goods produced

• 28. An effective accounting system should provide information

Answer: On internal and external reporting for managers and third parties

• 29. An ordinary share of #60 was issued at #75. The share was issued at

Answer: Premium

• 30. Preliminary expenses of a limited liability company are

Answer: Fictitious assets

• 31. The subscription paid in advance is treated in the balance sheet of a club as

Answer: A liability

• 32. In the dissolution of a partnership business, the net book, value of the assets is transferred to

Answer: Debit realization account

• 33. The chief accounting officer of a local government is the

Answer: Chairman

• 34. The founder of a company are

Answer: promoters

• 35. A component of an overhead manufacturing cost is

Answer: Rent

• 36. The price paid by an acquiring company is the

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Answer: Purchase consideration

• 37. After receiving the financial statement, the Auditor General of the Federation must submit a report to the National Assembly within

Answer: 30 days

• 38. The amount of money for a particular purpose by a government organization for its expenditure is the

Answer: fund

• 39. Investors are interested in accounting information to determine the organization’s

Answer: profitability ratio

• 40. Working capital is calculated as

Answer: current assets less current liabilities

Likely JAMB Cbt Chemistry Questions and Answers for 2026/2027

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