JAMB Accounting Past Questions & Answers - Page 15

A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

In trial balance, income and liabilities are