JAMB and WAEC Accounts (Principles of Accounts) questions

609 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 421· Nature and purpose of accounting· JAMB
Book-keeping differs from accounting because book-keeping is concerned mainly with
Show answer
Answer: A. recording transactions
Explanation and discussion
Question 422· Partnership accounts· JAMB
Ade and Bola share profits in the ratio 3 : 2. Profit after appropriations is ₦250,000. Find Bola's share.
Show answer
Answer: A. ₦100,000
Explanation and discussion
Question 423· Partnership accounts· JAMB
When a partner retires, the amount due to him may be transferred to
Show answer
Answer: D. a loan account
Explanation and discussion
Question 424· Partnership accounts· WAEC
A partnership deed normally states
Show answer
Answer: A. the profit-sharing ratio and capital of each partner
Explanation and discussion
Question 425· Partnership accounts· JAMB
When a new partner is admitted, goodwill is valued in order to
Show answer
Answer: D. compensate the old partners for the reputation they built
Explanation and discussion
Question 426· Partnership accounts· WAEC
Goodwill arises when a business is worth more than its
Show answer
Answer: A. net assets
Explanation and discussion
Question 427· Partnership accounts· WAEC
A partner's current account records
Show answer
Answer: C. share of profit, salary, interest and drawings
Explanation and discussion
Question 428· Partnership accounts· WAEC
Where there is no partnership agreement, profits and losses are shared
Show answer
Answer: D. equally
Explanation and discussion
Question 429· Partnership accounts· WAEC
Fluctuating capital accounts mean that
Show answer
Answer: C. profits, salaries and drawings pass through the capital accounts
Explanation and discussion
Question 430· Partnership accounts· JAMB
On admission of a new partner, assets are often revalued and the profit or loss is shared among
Show answer
Answer: D. the old partners in their old ratio
Explanation and discussion
Question 431· Partnership accounts· JAMB
Where partners keep fixed capital accounts, their shares of profit are credited to their
Show answer
Answer: A. current accounts
Explanation and discussion
Question 432· Partnership accounts· JAMB
Ada and Bola are partners sharing profits and losses in the ratio 3:2. For the year, net profit was ₦250,000. Interest on capital: Ada ₦10,000, Bola ₦6,000. Bola is entitled to a salary of ₦24,000.
What is Ada's share of the residual profit?
Show answer
Answer: D. ₦126,000
Explanation and discussion
Question 433· Partnership accounts· JAMB
The realisation account is opened when a partnership is
Show answer
Answer: D. dissolved
Explanation and discussion
Question 434· Partnership accounts· JAMB
A guarantee to a partner of a minimum share of profit means that any shortfall is
Show answer
Answer: D. borne by the other partners
Explanation and discussion
Question 435· Partnership accounts· WAEC
Partner A has a salary of ₦6,000 and interest on capital of ₦2,000, and drew ₦5,000. His current account opens with nil. Ignoring his share of the remaining profit, the closing balance is
Show answer
Answer: B. ₦3,000 credit
Explanation and discussion
Question 436· Partnership accounts· JAMB
Ada and Bola are partners sharing profits and losses in the ratio 3:2. For the year, net profit was ₦250,000. Interest on capital: Ada ₦10,000, Bola ₦6,000. Bola is entitled to a salary of ₦24,000.
What is the residual profit shared in the profit ratio?
Show answer
Answer: C. ₦210,000
Explanation and discussion
Question 437· Partnership accounts· JAMB
Interest on capital in a partnership is
Show answer
Answer: D. an appropriation of profit
Explanation and discussion
Question 438· Partnership accounts· WAEC
Interest on a partner's drawings is
Show answer
Answer: D. charged to the partner and added to profit available
Explanation and discussion
Question 439· Partnership accounts· WAEC
Where there is no partnership agreement, interest on partners' capital is
Show answer
Answer: D. not allowed
Explanation and discussion
Question 440· Partnership accounts· JAMB
A salary paid to a partner is
Show answer
Answer: B. an appropriation of profit
Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test

JAMB and WAEC Accounts (Principles of Accounts) questions

Book-keeping differs from accounting because book-keeping is concerned mainly with

Ade and Bola share profits in the ratio 3 : 2. Profit after appropriations is ₦250,000. Find Bola's share.

When a partner retires, the amount due to him may be transferred to

A partnership deed normally states

When a new partner is admitted, goodwill is valued in order to

Goodwill arises when a business is worth more than its

A partner's current account records

Where there is no partnership agreement, profits and losses are shared

Fluctuating capital accounts mean that

On admission of a new partner, assets are often revalued and the profit or loss is shared among

Where partners keep fixed capital accounts, their shares of profit are credited to their

What is Ada's share of the residual profit?

The realisation account is opened when a partnership is

A guarantee to a partner of a minimum share of profit means that any shortfall is

Partner A has a salary of ₦6,000 and interest on capital of ₦2,000, and drew ₦5,000. His current account opens with nil. Ignoring his share of the remaining profit, the closing balance is

What is the residual profit shared in the profit ratio?

Interest on capital in a partnership is

Interest on a partner's drawings is

Where there is no partnership agreement, interest on partners' capital is

A salary paid to a partner is