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Question 1 of 10
The accounting method that reports incomes when earned and expenses when incurred is called
JAMB Accounting Past Questions - Set 15
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 15 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 15 covers questions from JAMB exams (2021).
Progress0 / 10 answered
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Question 2 of 10
Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called
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Question 3 of 10
Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
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Question 4 of 10
Use the information below to answer this question
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Question 5 of 10
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to
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Question 6 of 10
The major objectives of departmental account is to ascertain the
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Question 7 of 10
Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.
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Question 8 of 10
The issued share capital is the number of shares that are
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Question 9 of 10
The formular for calculating depreciation using straight line method is
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Question 10 of 10
The two legally recognized professional accounting bodies in Nigeria are the