Jamb Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 11:

• JAMB 2020

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

A. Memoransum
B. Deed
C. Financial regulation
D. Bye-law

Question 12:

• JAMB 2020

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

A. Kola 1/3, Sunday 1/3 and Kemi 1/3
B. Kola 1/5, Sunday 1/5 and Kemi 3/5
C. Kola 2/5, Sunday 1/5 and Kemi 2/5
D. Kola 2/5, Sunday 2/5 and Kemi 1/5

Question 13:

• JAMB 2020

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

A. Monetary
B. Cost
C. Conservatism
D. Historical

Question 14:

• JAMB 2020

A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?

A. ₦40,000
B. ₦20,000
C. ₦30,000
D. ₦10,000

Question 15:

• JAMB 2020

Under which of the following conditions is a partnership dissolved?

A. Change of the partnership's head office
B. Purchase of a large quantity of fixed assets
C. Admission of a new partner
D. Retirement of a manager who is not a partner