Jamb Accounting Past Questions For Year 2015
Question 56
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.
- A. equally
- B. in accordance with an established
- C. in proportion of current account balances
- D. in proportion of weighted average of capital
Question 57
Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014
- A. 17,500
- B. 38,200
- C. 20,700
- D. 27,200
Question 58
The basis of accounting for public sector is
- A. accrual basis
- B. cost basis
- C. revenue basis
- D. cash basis
Question 59
Which of the following accounts is debited when a delivery van is sold for cash?
- A. sales account
- B. delivery van account
- C. cash account
- D. profit and loss accounts
Question 60
Keeping records under single entry system has the advantage of
- A. Quality in terms of records
- B. Simplicity in terms of operation
- C. Accuracy in terms of operation
- D. Completeness in terms of records
