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Question 1 of 10
Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?
JAMB Accounting Past Questions - Set 20
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 20 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 20 covers questions from JAMB exams (2019-2020).
Progress0 / 10 answered
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Question 2 of 10
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?
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Question 3 of 10
A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?
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Question 4 of 10
Transactions are recorded or posted to the ledger in line with
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Question 5 of 10
Show how the following transaction will be recorded applying the double-entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July 2017 by cheque.
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Question 6 of 10
A statement in a double-entry system in which are recorded all the transactions of one specific class, which takes place during the period is called
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Question 7 of 10
The advantage of double entry is that
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Question 8 of 10
Accounts can be classified into
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Question 9 of 10
Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit
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Question 10 of 10
If only wages is shown on the trial balance, it should be charged to the