This is for UTME Candidates looking for JAMB Principles Of Accounting Questions and Answers 2026. Especially for those aspiring for Accountancy, Business Administration, Banking and Finance, and other courses requiring Principles Of Accounting. Here you will get genuine Principles Of Accounting JAMB questions and answers for 2026. Your duty now is to read through them as many times as possible and get ready to smash your Principles Of Accounting paper. Remember to use the comments sections if you have questions, and don’t forget to join our Free Online Tutorial Classes on YouTube. (Subscribe to the Channel)
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JAMB Principles Of Accounting Questions and Answers 2026
The following JAMB Principles Of Accounting Questions and Answers 2026 are the questions you should expect in your Principles Of Accounting paper in 2026 UTME, together with their answers. You can click on the answer keys to get explanations.
UTME Examination – Principles of Accounts
1. In the context of accounting principles, the convention of consistency requires that:
Tip: Consistency ensures comparability of financial statements over time, aiding users in decision-making.
2. A trial balance is prepared to:
Tip: It lists debit and credit balances to check if total debits equal total credits, but does not detect all errors.
3. The double entry principle states that every financial transaction:
Tip: This maintains the accounting equation: Assets = Liabilities + Equity.
4. Bad debts are treated in the final accounts by:
Tip: It reduces assets (debtors) and is an expense in the profit and loss account.
5. The going concern concept assumes that a business will:
Tip: This justifies not charging full asset cost in the period of acquisition.
6. In a bank reconciliation statement, unpresented cheques are:
Tip: They are cheques issued but not yet cleared by the bank.
7. Depreciation is calculated using the straight-line method as:
Tip: It allocates equal expense each year.
8. The sales ledger control account is also known as:
Tip: It summarizes the personal accounts of debtors.
9. Accruals are:
Tip: They are current liabilities in the balance sheet.
10. The accounting equation is:
Tip: It forms the basis of double-entry bookkeeping.
11. In manufacturing accounts, prime cost includes:
Tip: It’s the cost directly attributable to production.
12. A suspense account is used to:
Tip: It balances the trial balance when there’s a discrepancy.
13. The reducing balance method of depreciation:
Tip: Higher depreciation in early years, suitable for assets losing value quickly.
14. Partnership appropriation account is prepared to:
Tip: After net profit, allocate per deed: interest, salary, share.
15. In non-profit making organizations, subscription received in advance is:
Tip: It’s income for future periods, shown as current liability.
16. The imprest system of petty cash is where:
Tip: Simplifies accounting for small expenses.
17. Goodwill in accounting is:
Tip: Valued at premium on acquisition, not amortized under current standards.
18. A contra entry in the cash book is:
Tip: Debit one side, credit the other, no ledger posting needed.
19. In the context of incomplete records, the capital at the end can be found by:
Tip: Use statement of affairs for opening/closing.
20. The profit and loss appropriation account is used in:
Tip: Allocates net profit per partnership agreement.
21. Branch accounts treat goods sent to branch at:
Tip: To calculate branch profit accurately.
22. Public sector accounting emphasizes:
Tip: Funds are public, so transparency is key.
23. The matching concept relates to:
Tip: Accrual basis for accurate profit measurement.
24. In a three-column cash book, the bank column records:
Tip: Allows for contra entries and discounts.
25. Capital receipts include:
Tip: They increase capital, not revenue.
26. The provision for doubtful debts is:
Tip: Shows net realizable value of receivables.
27. In partnership, interest on capital is:
Tip: Allocated after net profit, before residual sharing.
28. The cost of goods sold is calculated as:
Tip: Basic trading account formula.
29. Ethical principles in accounting include:
Tip: Fundamental to professional conduct.
30. In a receipt and payment account for clubs:
Tip: Summary of cash book for the period.
31. The journal entry for purchase of goods on credit is:
Tip: Increases expense (purchases) and liability.
32. Fixed assets are shown in the balance sheet at:
Tip: Net book value under historical cost convention.
33. The discount allowed account is:
Tip: It’s an expense reducing gross profit.
34. In sole trader accounts, drawings are:
Tip: Reduces owner’s equity.
35. The income and expenditure account for non-profits is similar to:
Tip: Shows surplus/deficit for the period.
36. Overcast in a trial balance means:
Tip: Posted to suspense account on credit side.
37. Factory overheads absorbed are:
Tip: Includes rent, power, indirect labor.
38. The balance on the purchase returns account is:
Tip: Reduces net purchases in trading account.
39. In company accounts, share premium is:
Tip: Non-distributable reserve.
40. The materiality concept means:
Tip: Influences decisions if omitted or misstated.
Read Also: 20 Most Repeated Topics in JAMB Principles Of Accounting Exams 2026
Conclusion
So here you have the 40 Principles Of Accounting Questions you can expect to see in your 2026 JAMB examination. Read them again and again. Ensure that you get very familiar with each of them to the extent that you can readily recognize them any time. JAMB is a very serious examination and a lot depend on it. You will answer 40 questions in JAMB Principles Of Accounting 2026 within 26 minutes. So it’s important that you pay attention to the information revealed on this page.
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