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Question 1 of 10
The LIFO method has an advantage over FIFO in that stocks are valued at
JAMB Accounting Past Questions - Set 49
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 49 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 49 covers questions from JAMB exams (2012).
Progress0 / 10 answered
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Question 2 of 10
In sales ledger control account, returns inwards is usually
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Question 3 of 10
Purchasers ledger control account can also be referred to as
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Question 4 of 10
Which of the following is a debit item in the sales ledger control account
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Question 5 of 10
In manufacturing accounts, finance expenses are charged to the
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Question 6 of 10
Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- # 120 Production volume 4000 units What is the total manufacturing profit?
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Question 7 of 10
The main advantage of a departmental account is that its
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Question 8 of 10
The excess revenue over expenditure is charged to
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Question 9 of 10
Given: Fixtures-#30,000 Debtors-#7,000 Stock- #8,000 Creditors-#3,000 Goodwill-#10,000 Determine the capital
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Question 10 of 10
The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is #12,000. Find Modibbo's share of the profit