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Question 1 of 10
Changes can occur in partnership when: i. partnership is dissolved ii. There is amalgamation of partnership iii.There is a change in the profit or loss sharing ratio Iv. Intangible asset increase
JAMB Accounting Past Questions - Set 29
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 29 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 29 covers questions from JAMB exams (2017).
Progress0 / 10 answered
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Question 2 of 10
\(\begin{array}{c|c} & N \\ \hline \text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500 \end{array}\) Determine the net profit
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Question 3 of 10
\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\) Determine the amount of goodwill
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Question 4 of 10
Given: I. It records subscription in arrears II. Payments of liabilities is effected III. The account does not show if cash payment is revenue or capital expenditure IV. It performs the same function as cashbook The features of receipts and payment account includes
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Question 5 of 10
The movement of goods from head office to a branch is treated in the head office as
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Question 6 of 10
The following are the importance of branch account except
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Question 7 of 10
The current growth in the volume of trading and financial dealing in Nigeria is helped by
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Question 8 of 10
Calculate the discount received in Department B \(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 500 000 \\ \hline \text{Purchases} & 150 000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & & \end{array}\)
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Question 9 of 10
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & & \end{array}\) Determine the discount allowed by Department A
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Question 10 of 10
The accounting entries for goods stolen in branch will be to debit