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Question 1 of 10
The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed
JAMB Accounting Past Questions - Set 10
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 10 quiz contains 10 multiple choice questions designed to help you revise and test your Financial Accounting knowledge. Select an answer for each question and click “Submit Answer” to see instant feedback. Take your time and try to score as high as possible!
Description
Practice with real JAMB/WAEC Accounting past questions. Test your knowledge of bookkeeping, financial statements, and accounting principles. Set 10 covers questions from JAMB exams (2022).
Progress0 / 10 answered
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Question 2 of 10
Accounting information is used by investors and creditors of a company to predict
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Question 3 of 10
Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?
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Question 4 of 10
When a business incurs labour cost in installing a fixed asset, the cost is treated as
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Question 5 of 10
What is the cardinal rule of the double entry system?
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Question 6 of 10
Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?
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Question 7 of 10
The use of the folio in the ledger is for
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Question 8 of 10
The suspense account is used to correct book-keeping error where the
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Question 9 of 10
The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
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Question 10 of 10
When is a petty cash account debited?