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Question 1 of 10
The major distinguishing element between the final accounts of a partnership and a sole trader is the
JAMB Accounting Past Questions - Set 12
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 12 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 12 covers questions from JAMB exams (2022).
Progress0 / 10 answered
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Question 2 of 10
Goodwill appears in the books of a business only if it has been
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Question 3 of 10
Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is
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Question 4 of 10
Under which of the following conditions is a partnership dissolved?
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Question 5 of 10
when shares issued are paid for, accounting entry required is
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Question 6 of 10
A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued What is the nominal value of each share?
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Question 7 of 10
The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
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Question 8 of 10
An advantage of using accounting ratios is that they
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Question 9 of 10
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
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Question 10 of 10
The receipt from a special tax levy to pay maturing interest obligation are recorded in