This JAMB Accounting Past Questions - Set 36 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 36 covers questions from JAMB exams (2015).
Question 1 of 10
Use the information below to answer this question. \(\begin{array}{c|c} \text{Stock} & 11,250 \\ \hline \text{Debtors} & 18,750 \\ \hline \text{Creditors} & 3,750 \\ \hline \text{Bank} & 4,000 \\ \hline \text{Net profit} & 7,500 \\ \hline \text{Net} & 60,000 \\ \end{array}\) Calculate the acid test ratio
Question 2 of 10
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
Question 3 of 10
Use the information below to answer this question. Buhari and Osinbajo are in partnership with the following partnership agreement Buhari Osinbajo Capital 40, 000 70, 000 Salary 10, 000 15, 000 Int.on capital 5% 5% Profit/loss sharing ratio 40 : 60 The net profit for the year ended is N80,000. "Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively" What is Osinbajo share of profit?
Question 4 of 10
The major distinguishing element between the final account of a partnership and that of a sole trader is the
Question 5 of 10
Prime cost is one of the following
Question 6 of 10
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is
Question 7 of 10
Use the information below to answer this question. Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000. What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
Question 8 of 10
When the invoice of a customer is overcast, the supplier will send to him a
Question 9 of 10
Using LIFO method of stock valuation, analyze the issue quantities and their prices
Question 10 of 10
CR. DR. Sales ledger balance 9, 500 Sales ledger balance 420 Bought ledgers balance 6, 115 Bought ledger balance 350 Credit sales 82, 000 Purchases journal 54, 700 Discount allowed 450 Discount received 200 Cash refunded to customers (debtors) 120 Purchases ledger balance 250 Sales ledger balance 120 The amount brought down in the sales ledger control account would be