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Question 1 of 10
The income and expenditure account differs from receipts and payments account because it
JAMB Accounting Past Questions - Set 33
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 33 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 33 covers questions from JAMB exams (2016).
Progress0 / 10 answered
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Question 2 of 10
The major sources of revenue for the state and local governments is
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Question 3 of 10
1. The amount of the imprest is the same from one organization to another. 2. At the end of a fixed period, the petty cashier received a fixed sum of money. 3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. 4. The system is a method by which a measure of control is kept on petty cash expenses. Which of the following is correct about the imprest system?
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Question 4 of 10
When the fixed capital method is used, the partners' share of profits and remunerations are credited to the
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Question 5 of 10
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
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Question 6 of 10
The costs of acquiring fixed assets and bringing them into the firm is a
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Question 7 of 10
Impersonal account is subdivided into
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Question 8 of 10
Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?
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Question 9 of 10
The total cash and cheques received from customers in a control account is derived from the
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Question 10 of 10
Which of the foloowing is a credit item in creditors ledger control account?