JAMB and WAEC Accounts (Principles of Accounts) questions

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All JAMB WAEC

Question 441· Partnership accounts· JAMB
Goodwill is best described as the
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Answer: B. value of a business's reputation and customer connections above its net assets
Explanation and discussion
Question 442· Partnership accounts· WAEC
A and B share profits 3:2. Net profit after interest and salaries is ₦50,000. A's share is
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Answer: C. ₦30,000
Explanation and discussion
Question 443· Partnership accounts· JAMB
Partners X and Y have capitals of ₦200,000 and ₦100,000. Interest on capital at 5% for X is
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Answer: A. ₦10,000
Explanation and discussion
Question 444· Partnership accounts· WAEC
A and B share profits 3:2. Profit is ₦50,000. A's share is
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Answer: C. ₦30,000
Explanation and discussion
Question 445· Partnership accounts· JAMB
Interest on partners' drawings is
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Answer: D. charged to the partners and credited to the appropriation account
Explanation and discussion
Question 446· Partnership accounts· JAMB
A partner's salary is
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Answer: A. an appropriation of profit
Explanation and discussion
Question 447· Partnership accounts· JAMB
Where there is no partnership agreement, a loan made by a partner to the firm earns interest at
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Answer: D. 5% per annum
Explanation and discussion
Question 448· Partnership accounts· WAEC
Goodwill is
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Answer: A. an intangible asset representing the reputation of a business
Explanation and discussion
Question 449· Partnership accounts· JAMB
When a partnership is dissolved, the assets are closed off through the
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Answer: B. realisation account
Explanation and discussion
Question 450· Partnership accounts· WAEC
Interest on partners' capital is
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Answer: C. an appropriation of profit
Explanation and discussion
Question 451· Partnership accounts· WAEC
A and B share profits 2 : 1 after interest on capital of ₦20,000 to A and ₦10,000 to B. Net profit is ₦180,000. Find A's total share.
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Answer: B. ₦120,000
Explanation and discussion
Question 452· Partnership accounts· JAMB
Partners' current accounts record
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Answer: D. salaries, interest, profit shares and drawings
Explanation and discussion
Question 453· Partnership accounts· WAEC
Goodwill is usually valued in a partnership when
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Answer: A. a new partner is admitted
Explanation and discussion
Question 454· Partnership accounts· WAEC
Interest on drawings charged to a partner is
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Answer: D. added to profit available for sharing
Explanation and discussion
Question 455· Partnership accounts· JAMB
In the absence of a partnership agreement, profits are shared
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Answer: D. equally
Explanation and discussion
Question 456· Petty cash and the imprest system· JAMB
The totals of the petty cash analysis columns are posted to the
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Answer: C. debit side of the expense accounts
Explanation and discussion
Question 457· Petty cash and the imprest system· JAMB
A petty cash float of ₦15,000 is kept on the imprest system. During the month ₦3,200 was spent on postage, ₦4,800 on transport and ₦2,500 on cleaning. The reimbursement at the end of the month is
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Answer: C. ₦10,500
Explanation and discussion
Question 458· Petty cash and the imprest system· WAEC
The imprest system of petty cash means that
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Answer: C. the petty cashier is given a fixed float that is restored at the end of each period
Explanation and discussion
Question 459· Petty cash and the imprest system· WAEC
An advantage of the imprest system is that
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Answer: C. the petty cashier's spending can be checked easily
Explanation and discussion
Question 460· Petty cash and the imprest system· JAMB
The person responsible for the petty cash book is the
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Answer: A. petty cashier
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Goodwill is best described as the

A and B share profits 3:2. Net profit after interest and salaries is ₦50,000. A's share is

Partners X and Y have capitals of ₦200,000 and ₦100,000. Interest on capital at 5% for X is

A and B share profits 3:2. Profit is ₦50,000. A's share is

Interest on partners' drawings is

A partner's salary is

Where there is no partnership agreement, a loan made by a partner to the firm earns interest at

Goodwill is

When a partnership is dissolved, the assets are closed off through the

Interest on partners' capital is

A and B share profits 2 : 1 after interest on capital of ₦20,000 to A and ₦10,000 to B. Net profit is ₦180,000. Find A's total share.

Partners' current accounts record

Goodwill is usually valued in a partnership when

Interest on drawings charged to a partner is

In the absence of a partnership agreement, profits are shared

The totals of the petty cash analysis columns are posted to the

A petty cash float of ₦15,000 is kept on the imprest system. During the month ₦3,200 was spent on postage, ₦4,800 on transport and ₦2,500 on cleaning. The reimbursement at the end of the month is

The imprest system of petty cash means that

An advantage of the imprest system is that

The person responsible for the petty cash book is the