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Question 1 of 10
Akirika bought a motor van for his business by cash. The entries are to debit
JAMB Accounting Past Questions - Set 48
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 48 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 48 covers questions from JAMB exams (2012).
Progress0 / 10 answered
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Question 2 of 10
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. In the book of Ibrahim, the entry to record the transaction would be to debit
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Question 3 of 10
In a three-column cash book, dishonored cheques will be shown on the
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Question 4 of 10
Cash can be drawn from the bank using
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Question 5 of 10
In a modern day banking system, cash transfer cannot be made where the transferor
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Question 6 of 10
Given: Cash book balance- #5000 Dishonored cheque- #1000 Direct credit - # 800 Direct debit - # 500 The adjusted cash book balance is
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Question 7 of 10
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. Determine the adjusted net profit
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Question 8 of 10
Which of the following is an item of special assets?
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Question 9 of 10
1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using FIFO method, what would be the value of stock as at 9/5/07?
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Question 10 of 10
1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using simple average method, calculate the value of stock after 22/5/07