--- title: "2027 JAMB Cbt Financial Accounting Questions & Answers" url: https://examloaded.com/likely-jamb-cbt-financial-accounting-questions-and-answers/ date: 2026-07-07 modified: 2026-10-15 lang: en author: "Rabiu Francis" description: "2027 JAMB Cbt Financial Accounting Questions and Answers: What will Jamb set in Financial Accounting Questions for 2027/2028 UTME and what are the top hot likely questions to come out..." categories: - "2027 JAMB Preparation Insights: Subject Combinations | Syllabus | CBT Centres" tags: - "JAMB Practice Questions 2027" image: https://examloaded.com/wp-content/uploads/2026/04/2027-JAMB-Cbt-Financial-Accounting-Questions-and-Answers.webp word_count: 937 --- # 2027 JAMB Cbt Financial Accounting Questions & Answers **2027 JAMB Cbt Financial Accounting Questions and Answers:** What will Jamb set in Financial Accounting Questions for 2027/2028 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. [![2027 JAMB Cbt Financial Accounting Questions & Answers](https://examloaded.com/wp-content/uploads/2026/04/2027-JAMB-Cbt-Financial-Accounting-Questions-and-Answers-300x219.webp)](/likely-jamb-cbt-financial-accounting-questions-and-answers/)2027 JAMB Cbt Financial Accounting Questions & Answers   The 40 Questions and answers will cover every Chapter in [Jamb](https://www.jamb.gov.ng/) Accounts. However, they are Likely Financial Accounting Questions and will not be arranged topic by topic. [HOW CAN I GET FREE JAMB CBT 2027/2028 QUESTIONS AND ANSWERS SCORE 300+ CLICK HERE TO SEE THE PROCEDURE](/jamb-questions-and-answers/) ## Top 2027 Jamb CBT Financial Accounting Questions and Answers   - 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 [Likely JAMB Cbt Chemistry Questions and Answers for 2027/2028](/likely-jamb-cbt-chemistry-questions-and-answers/) - 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 [2027 JAMB Whatsapp group Link for Science, Art and Commercial](/jamb-whatsapp-group-link-for-all-subjects/)   - 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 [HOW TO GET FREE JAMB 2027/2028 RUNS AND SCORE 300+ CLICK HERE TO SEE THE PROCEDURE](/jamb-questions-and-answers/) 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 2027/2028](/likely-jamb-cbt-chemistry-questions-and-answers/)   Hope you found this helpful? Feel free to share with your friends and don’t fail to drop your comment. That is all on the 2027 JAMB Cbt Financial Accounting Questions & Answers.