Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 51:

• JAMB 2023

Goodwill can be introduced when ____________

A. The business suffers high loss
B. The business is being expanded
C. The partnership experience super profit
D. A new member is admitted

Question 52:

• JAMB 2023

Which fund is used to meet unforeseen or urgent expenditure ____________

A. Special fund
B. Contigencies fund
C. General reserve fund
D. Consolidated reserve fund

Question 53:

• JAMB 2023

Given:

I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets

Which of these constitutes dissolution of partnership?

A. I,II and III only
B. I,II and IV only
C. II and IV only
D. II and III and IV only

Question 54:

• JAMB 2023

Bello withdraws cash from bank to office, this is called ____________ entry

A. Credit
B. Contra
C. Double
D. Debit

Question 55:

• JAMB 2023

Which of the following is recorded in the folio column of the journal?

A. Particulars of transactions
B. Date of entries
C. All credit and cash sales transactions
D. Amount of money posted