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Question 1 of 10
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
JAMB Accounting Past Questions - Set 41
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 41 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 41 covers questions from JAMB exams (2014).
Progress0 / 10 answered
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Question 2 of 10
1. Cash sales 11. Cash purchases 111. Cash discount allowed 1V. Cash payment V. Cash receipts Which of the following are recorded on the debit side of the cash book
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Question 3 of 10
An item credited in the bank statement but yet to be recorded in the firm's cash book is
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Question 4 of 10
The major focus of the trading account is to show
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Question 5 of 10
If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
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Question 6 of 10
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
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Question 7 of 10
Balance sheet (Extract) Creditors #7,940 Prepaid expenses # 290 Accrual expenses # 323 Stock #4,500 Cash balance #4,956 Debtors # 905 The value of the current assets will be
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Question 8 of 10
The excess of sales over cost of goods sold is
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Question 9 of 10
2/3 Purchases 900 books at #1,000 each 4/3 Purchases 590 books at # 950 each 15/3 Sales 300 books at #900 each Determine the cost of goods sold using FIFO
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Question 10 of 10
The control account is used in facilitating