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Question 1 of 10
The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
JAMB Accounting Past Questions - Set 25
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 25 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 25 covers questions from JAMB exams (2018).
Progress0 / 10 answered
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Question 2 of 10
When goodwill is not retained in the business, the entries in the new partners books will be to debit______________
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Question 3 of 10
If the purchase price exceeds the net assets of a company, the excess amount is debited to________________
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Question 4 of 10
Gross profit in the branch adjustment account is transferred to the branch____________
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Question 5 of 10
Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?
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Question 6 of 10
Calls in advance are treated in the balance sheet as_______
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Question 7 of 10
Why are adjustments in the profit and loss account necessary?
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Question 8 of 10
Which of the following is not a type of branch?
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Question 9 of 10
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________
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Question 10 of 10
The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a