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Accounts - Principles of Accounts 2018 JAMB Past Questions

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26

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

  • A. Formation
  • B. dissolution
  • C. winding up
  • D. termination
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27

Using the following:

  Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  what is the adjusted cashbook balance?

  • A. 4000
  • B. 300
  • C. 4300
  • D. 5000
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28

Branch stock adjustment account is prepared at?

  • A. Cost price
  • B. new price
  • C. invoice price
  • D. normal price
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29

A partnership deed is used to____________

  • A. Promote mutual understanding
  • B. Enhance mistrust
  • C. Encourage discrepancy
  • D. Control funds
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30

The cost price method is applicable when_____

  • A. Goods are sold at specific prices
  • B. goods are perishable
  • C. goods attract different gross profit percentage
  • D. to disclose gross profit or loss
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