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Question 1 of 10
In what way can goodwill be written off in a partnership business?
JAMB Accounting Past Questions - Set 50
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 50 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 50 covers questions from JAMB exams (2012).
Progress0 / 10 answered
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Question 2 of 10
Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are
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Question 3 of 10
In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are
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Question 4 of 10
Given: 1. The Memorandum of Association of the Company 11.The Article of Association of the Company 111. The Incorporation documents From the above, which of the following is delivered to the Registrar of companies for incorporation
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Question 5 of 10
When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit
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Question 6 of 10
Investment at cost of a company is to be disclosed under
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Question 7 of 10
Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Calculate the acid test ratio
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Question 8 of 10
Which of the following is a source of revenue to the federation account?
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Question 9 of 10
The book into which all types of a ministry's expenditure are recorded is the
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Question 10 of 10
The Petroleum Technology Development Fund is under the