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Question 1 of 10
An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?
JAMB Accounting Past Questions - Set 5
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 5 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 5 covers questions from JAMB exams (2023-2024).
Progress0 / 10 answered
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Question 2 of 10
Goodwill is taken into account in partnership business when
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Question 3 of 10
When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account
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Question 4 of 10
A partner whose liability does not extend beyond the amount of capital contributed by him is known as
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Question 5 of 10
The following are importance of branch account except
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Question 6 of 10
The use of three column cash book is determined by
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Question 7 of 10
The authority warrant issued prior to the approval of the appropriate bill at the begining of the year
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Question 8 of 10
The following appears in the trading account except
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Question 9 of 10
₦ Debtors opening 4000 Debtors closing 1500 Cash received from debtors 8500 Bad debts written off 350 Discount allowed 500 Discount received 1000 What is the amount of sales for the year?
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Question 10 of 10
The principle of double entry developed from the axioms of accounting equation is given as