This JAMB Accounting Past Questions - Set 26 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!
Practice with real JAMB/WAEC Accounting past questions. Test your knowledge of bookkeeping, financial statements, and accounting principles. Set 26 covers questions from JAMB exams (2018).
Question 1 of 10
N Stock at branch 1st January at cost 400 Goods sent to branch at cost 8000 Returns to head office 340 Cash sales 9160 Stock at branch 31st December at cost 720 Use the information below to answer the question. Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Question 2 of 10
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
Question 3 of 10
In departmental accounting, which is not a transfer pricing_________
Question 4 of 10
What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?
Question 5 of 10
Using the following:
Question 6 of 10
Branch stock adjustment account is prepared at?
Question 7 of 10
A partnership deed is used to____________
Question 8 of 10
The cost price method is applicable when_____
Question 9 of 10
In dealing with incomplete record, fixed assets are posted to___________-
Question 10 of 10
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?