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Question 1 of 10
Given: Opening capital - #1,500 Capital introduced - # 500 Profit for the year - # 800 Cash drawings - # 250 Calculate the closing capital
JAMB Accounting Past Questions - Set 45
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 45 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 45 covers questions from JAMB exams (2013).
Progress0 / 10 answered
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Question 2 of 10
What type of stock valuation would a vegetable seller adopt in valuing it's product?
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Question 3 of 10
1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Find the opening capital
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Question 4 of 10
1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Calculate the closing capital
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Question 5 of 10
Given: Opening capital - #50,000 Closing capital - #64,000 Drawings - #16,000 Determine the net profit
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Question 6 of 10
The estimated profit or loss for a period is calculated by
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Question 7 of 10
Given: Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10,000 The adjusted capital as at 31/1/2007 is
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Question 8 of 10
When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a
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Question 9 of 10
The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of
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Question 10 of 10
Opening stock of raw materials - #75,000 Purchase of raw materials - #330,000 Closing stock of raw materials - #80,000 Direct wages - #30,000 Carriages of raw materials - #10,000 Calculate the cost of raw materials used