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Question 1 of 10
July 1 - Started business with #10,500 July 31- Paid Agro machine x #6,000 owing them The double entry for July 31 would be
JAMB Accounting Past Questions - Set 44
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 44 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 44 covers questions from JAMB exams (2013).
Progress0 / 10 answered
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Question 2 of 10
The total credit sales for a period can be extracted from the
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Question 3 of 10
The major source document which enables an employer to calculate the employee wages is the
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Question 4 of 10
Which of the following items is a capital expenditure?
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Question 5 of 10
The corresponding entry of personal accounts found in the debit side of the cash is to
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Question 6 of 10
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
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Question 7 of 10
i The amount of the imprest is the same from one organization to another ii.At the end of a fixed period, the petty cashier received a fixed sum of money. iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period. iv The system is a method by which a measure of control is kept on petty cash expenses. Which of the above is correct about the imprest system?
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Question 8 of 10
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000. If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
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Question 9 of 10
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
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Question 10 of 10
Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carriage outwards - # 6,000 Closing stock - # 10,000 Discount received - # 18,000 Expenses - # 20,000 Calculate the gross profit