Jamb Accounting CBT

 

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#1. What is the purpose of a journal in accounting?

To prepare financial statements

To record transactions in chronological order

To calculate profit and loss

To record only debit transactions

#2. What is the purpose of a ledger?

To prepare financial statements

To calculate profit and loss

To record all financial transactions

To record only credit transactions

#3. What is the formula for calculating net profit?

Revenue + Expenses

Revenue ÷ Expenses

Revenue × Expenses

Revenue - Expenses

#4. What is the formula for calculating the working capital?

Current Assets + Current Liabilities

Current Assets ÷ Current Liabilities

Current Assets - Current Liabilities

Current Assets × Current Liabilities

#5. What is the difference between a direct cost and an indirect cost?

Direct and indirect costs are the same

Direct costs cannot be traced to a product, indirect costs can

Direct costs are fixed, indirect costs are variable

Direct costs can be traced to a product, indirect costs cannot

#6. What is the formula for calculating the debt-to-equity ratio?

Total Liabilities - Total Equity

Total Liabilities × Total Equity

Total Liabilities ÷ Total Equity

Total Liabilities + Total Equity

#7. What is the purpose of a purchase ledger?

To prepare financial statements

To record purchase transactions

To record only credit transactions

To calculate profit and loss

#8. What is the difference between a fixed asset and a current asset?

Fixed assets are long-term, current assets are short-term

Fixed and current assets are the same

Fixed assets are short-term, current assets are long-term

Fixed assets are for expenses, current assets are for revenue

#9. What is the purpose of a bank reconciliation statement?

To calculate profit and loss

To reconcile the bank balance with the cash book balance

To prepare financial statements

To record transactions

#10. What is the purpose of a general ledger?

To record only debit transactions

To calculate profit and loss

To record all financial transactions

To prepare financial statements

#11. What is the difference between a debit and a credit?

Debit and credit both decrease assets

Debit increases assets, credit decreases assets

Debit and credit both increase assets

Debit decreases assets, credit increases assets

#12. What is the purpose of a sales journal?

To record credit sales transactions

To record only debit transactions

To prepare financial statements

To calculate profit and loss

#13. What is the formula for calculating the break-even point?

Fixed Costs + (Selling Price per Unit - Variable Cost per Unit)

Fixed Costs - (Selling Price per Unit - Variable Cost per Unit)

Fixed Costs ÷ (Selling Price per Unit - Variable Cost per Unit)

Fixed Costs × (Selling Price per Unit - Variable Cost per Unit)

#14. What is the purpose of a cash disbursement journal?

To calculate profit and loss

To prepare financial statements

To record only credit transactions

To record cash payments

#15. What is the double-entry system in accounting?

Recording only debit transactions

Recording each transaction once

Recording each transaction in two accounts

Recording only credit transactions

#16. What is the purpose of a subsidiary ledger?

To provide detailed information for a control account

To prepare financial statements

To calculate profit and loss

To record only debit transactions

#17. What is the purpose of a trial balance?

To prepare financial statements

To calculate profit and loss

To record transactions

To check the accuracy of ledger accounts

#18. What is the accounting equation?

Assets = Equity - Liabilities

Assets = Revenue - Expenses

Assets = Liabilities - Equity

Assets = Liabilities + Equity

#19. What is the difference between fixed and variable costs?

Fixed costs remain constant, variable costs change with production

Fixed and variable costs both remain constant

Fixed and variable costs both change with production

Fixed costs change with production, variable costs remain constant

#20. What is the difference between a cash flow statement and an income statement?

Cash flow statement and income statement are the same

Cash flow statement shows cash inflows and outflows, income statement shows profit and loss

Cash flow statement shows profit and loss, income statement shows cash inflows and outflows

Cash flow statement shows inventory levels, income statement shows cash flows

#21. What is the purpose of a suspense account?

To record only credit transactions

To prepare financial statements

To temporarily hold unbalanced transactions

To calculate profit and loss

#22. What is the formula for calculating the quick ratio?

(Current Assets - Inventory) ÷ Current Liabilities

(Current Assets + Inventory) ÷ Current Liabilities

(Current Assets ÷ Inventory) ÷ Current Liabilities

(Current Assets × Inventory) ÷ Current Liabilities

#23. What is the purpose of a control account?

To summarize transactions in subsidiary ledgers

To prepare financial statements

To calculate profit and loss

To record only debit transactions

#24. What is the difference between a direct expense and an indirect expense?

Direct and indirect expenses are the same

Direct expenses are not tied to production, indirect expenses are

Direct expenses are tied to production, indirect expenses are not

Direct expenses are fixed, indirect expenses are variable

#25. What is the formula for calculating the return on investment (ROI)?

(Net Profit + Investment) × 100

(Net Profit × Investment) × 100

(Net Profit - Investment) × 100

(Net Profit ÷ Investment) × 100

#26. What is the difference between a journal and a ledger?

Journal records transactions by account, ledger records transactions chronologically

Journal and ledger are the same

Journal records transactions chronologically, ledger records transactions by account

Journal records only credit transactions, ledger records only debit transactions

#27. What is the difference between a balance sheet and an income statement?

Balance sheet and income statement are the same

Balance sheet shows financial position, income statement shows profit and loss

Balance sheet shows profit and loss, income statement shows financial position

Balance sheet shows cash flows, income statement shows inventory levels

#28. What is the difference between a capital expenditure and a revenue expenditure?

Capital and revenue expenditures are the same

Capital expenditure is for day-to-day expenses, revenue expenditure is for long-term assets

Capital expenditure is for long-term assets, revenue expenditure is for day-to-day expenses

Capital expenditure is for taxes, revenue expenditure is for salaries

#29. What is the purpose of a cash flow statement?

To show inventory levels

To show the profit and loss of a business

To show the financial position of a business

To show the inflows and outflows of cash

#30. What is the difference between a debit note and a credit note?

Debit and credit notes are the same

Debit note is for purchases, credit note is for sales

Debit note is issued for discounts, credit note is issued for returns

Debit note is issued for returns, credit note is issued for discounts

#31. What is the purpose of a purchase journal?

To calculate profit and loss

To record credit purchase transactions

To record only debit transactions

To prepare financial statements

#32. What is the purpose of a budget in accounting?

To plan and control financial resources

To prepare financial statements

To record transactions

To calculate profit and loss

#33. What is the formula for calculating the current ratio?

Current Assets × Current Liabilities

Current Assets ÷ Current Liabilities

Current Assets + Current Liabilities

Current Assets - Current Liabilities

#34. What is the formula for calculating gross profit?

Sales - Cost of Goods Sold

Sales ÷ Cost of Goods Sold

Sales + Cost of Goods Sold

Sales × Cost of Goods Sold

#35. What is the purpose of an audit?

To record transactions

To verify the accuracy of financial statements

To calculate profit and loss

To prepare financial statements

#36. What is the purpose of a cash book?

To record only credit transactions

To prepare financial statements

To record all cash transactions

To calculate profit and loss

#37. Which of the following is a current asset?

Buildings

Machinery

Land

Accounts Receivable

#38. What is the purpose of a profit and loss account?

To show the financial position of a business

To show inventory levels

To show the profit and loss of a business

To show cash flows of a business

#39. What is depreciation?

The increase in value of an asset over time

The decrease in value of an asset over time

The sale of an asset

The purchase of an asset

#40. What is the purpose of a sales ledger?

To calculate profit and loss

To record sales transactions

To record only debit transactions

To prepare financial statements

#41. What is the purpose of a cost sheet?

To calculate profit and loss

To prepare financial statements

To calculate the cost of production

To record transactions

#42. What is the purpose of a nominal ledger?

To calculate profit and loss

To record only credit transactions

To record income and expenses

To prepare financial statements

#43. What is the primary purpose of financial accounting?

To provide information for decision-making

To track inventory levels

To manage employee payroll

To calculate taxes

#44. What is the purpose of an income statement?

To show cash flows of a business

To show the profit and loss of a business

To show the financial position of a business

To show inventory levels

#45. What is the formula for calculating the inventory turnover ratio?

Cost of Goods Sold - Average Inventory

Cost of Goods Sold × Average Inventory

Cost of Goods Sold ÷ Average Inventory

Cost of Goods Sold + Average Inventory

#46. What is the difference between a trial balance and a balance sheet?

Trial balance shows financial position, balance sheet checks ledger accuracy

Trial balance checks ledger accuracy, balance sheet shows financial position

Trial balance shows cash flows, balance sheet shows inventory levels

Trial balance and balance sheet are the same

#47. What is the purpose of a balance sheet?

To show the profit and loss of a business

To show the financial position of a business at a specific date

To show inventory levels

To show cash flows of a business

#48. What is the purpose of a petty cash book?

To record small cash expenses

To calculate profit and loss

To record only credit transactions

To prepare financial statements

#49. What is the formula for calculating the gross profit margin?

(Gross Profit - Revenue) × 100

(Gross Profit × Revenue) × 100

(Gross Profit ÷ Revenue) × 100

(Gross Profit + Revenue) × 100

#50. What is the formula for calculating the net profit margin?

(Net Profit - Revenue) × 100

(Net Profit ÷ Revenue) × 100

(Net Profit × Revenue) × 100

(Net Profit + Revenue) × 100

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Finish

Hello there! I’m Buhari Abdulrahman, and I’m thrilled to welcome you to this free JAMB CBT test section for Accounting. I know how stressful JAMB exam prep can be—especially when it comes to tackling subjects like Principles of Accounting that are packed with rules, financial records, and business concepts. That’s why I’ve personally taken the time to build this CBT platform just for you.

Whether you’re a student preparing for UTME or a parent trying to support your child, this free JAMB Accounting CBT test will help you master the key topics and boost your score in the real exam.

👉 Click here to start the free JAMB Accounting CBT now

Why This JAMB Accounting CBT Test Matters

Passing Accounting in JAMB is more than just cramming definitions. It’s about mastering real-world concepts like cashbooks, ledgers, income statements, and balance sheets. That’s why this test covers everything—from bank reconciliation to depreciation, trial balances, and control accounts. It mimics the actual JAMB CBT environment so you’re not surprised on exam day.

Topics Covered in the JAMB Accounting CBT Practice

✅ Principles and Concepts of Accounting
✅ Ledger and Double Entry
✅ Bank Reconciliation Statements
✅ Trial Balance and Error Corrections
✅ Depreciation and Asset Valuation
✅ Control Accounts and Self-Balancing Ledgers
✅ Manufacturing Accounts
✅ Partnership Accounts
✅ Company Accounts
✅ Public Sector Accounting

This test covers real UTME topics and aligns with JAMB’s official syllabus.

Features of the Free JAMB Accounting CBT

• ✅ Timed CBT Mode
• ✅ Auto-graded with instant scores
• ✅ Unlimited attempts
• ✅ Based on past JAMB questions
• ✅ Mobile friendly
• ✅ Designed by me personally to match the JAMB UTME style

I spent countless hours analyzing JAMB trends, selecting questions, and building this platform to help you practice efficiently and confidently.

👉 Click here to begin your Accounting mock exam now

How to Score High in JAMB Accounting

Here are tips I always recommend:

1. Practice past questions consistently
2. Understand the “why” behind each answer, not just memorize
3. Read JAMB’s Accounting syllabus thoroughly
4. Use diagrams for remembering classifications
5. Don’t ignore calculations—they often appear!

You can check out this guide on what to read for UNILORIN Post UTME—it’s helpful even for JAMB!

Bonus: Download JAMB Syllabus and Recommended Textbooks

Want to get the full JAMB Accounting syllabus and list of recommended textbooks? I’ll be uploading a full guide soon. Bookmark this site or subscribe to my newsletter to get notified first!

More Resources You’ll Find Useful

🔗 UNILORIN Portal Login Guide
🔗 UNIZIK Cut Off Mark for Nursing
🔗 25 Best Art Courses in Nigeria
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Ready to Practice?

This test has helped many candidates just like you prepare smartly and pass JAMB with flying colors. I want you to succeed too.

🔥 Click here to start your free JAMB Accounting CBT Test

Frequently Asked Questions (FAQs)

How many questions will I face in JAMB Accounting CBT?

You’ll typically be given 40 questions to complete in 40 minutes during the UTME.

Are the questions here based on real JAMB exams?

Yes. Many questions are sourced from past JAMB questions and follow the same pattern and syllabus.

Can I retake the test multiple times?

Absolutely. You can practice as many times as you want to boost your performance.

Do I need to download anything?

Nope! The test runs online—just click and go. No downloads, no stress.

Is this really free?

Yes. 100%. I built this platform to help you. All I ask is: if you find it helpful, share it with friends or drop a comment!

Conclusion

There’s no magic trick to passing JAMB, but with the right tools—like this Accounting CBT practice, hard work, and consistency—you’ll definitely come out on top.

If you have questions, reach out on WhatsApp here or join my Telegram group here. I’m always happy to help serious students.

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