1
Question 1 of 10
The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is
JAMB Accounting Past Questions - Set 40
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 40 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 40 covers questions from JAMB exams (2014).
Progress0 / 10 answered
2
Question 2 of 10
A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit
3
Question 3 of 10
Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the
4
Question 4 of 10
Which of the following affects the accuracy and authenticity of the trial balance?
5
Question 5 of 10
A ledger is classified into
6
Question 6 of 10
The book of account in which information from the source documents are recorded consists of
7
Question 7 of 10
The accounting entries to record a cheque issued by a business is to
8
Question 8 of 10
Given: If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?
9
Question 9 of 10
The major advantage of an imprest system is that it
10
Question 10 of 10
Petty cash book records transactions on