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Question 1 of 10
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
JAMB Accounting Past Questions - Set 8
10 QuestionsMultiple ChoiceFree Practice
About this quiz
This JAMB Accounting Past Questions - Set 8 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 8 covers questions from JAMB exams (2023).
Progress0 / 10 answered
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Question 2 of 10
The main purpose of transaction file is?
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Question 3 of 10
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
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Question 4 of 10
When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except
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Question 5 of 10
Discount allowed is enjoyed by
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Question 6 of 10
In manufacturing, depreciation of office machine is charged to
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Question 7 of 10
₦ ₦ Bal. b/f 3,250 Bal. b/f. 215 Sales 19,075 Bank 16,387.50 Dishonoured cheque 625 Discount 862.50 Stopped cheque 250 Returns inwards 325 Bal c/d 230 Set off 900 Bal c/d 4740 23,430 23430 Bal b/d 4740 Bal b/d 230 Dr. Sales Ledger Control Account . Cr The amount ₦16,378.50 described as "Bank" represents
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Question 8 of 10
Dr. Sales Ledger Control Account . Cr
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Question 9 of 10
An advantage of FIFO method of stock valuation is that
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Question 10 of 10
When expenses are paid on behalf of the venture, the accounting entries is to debit