Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1176:

• JAMB 2018

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

Question 1177:

• JAMB 2018

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

Question 1178:

• JAMB 2018

Branch stock adjustment account is prepared at?

A. Cost price
B. New price
C. Invoice price
D. Normal price

Question 1179:

• JAMB 2018

A partnership deed is used to____________

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

Question 1180:

• JAMB 2018

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