Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the issued capital
AN40
BN48
CN50
DN80
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Question 1552
jamb1994
A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the nominal value of each share?
AN2
BN0.80
CN0.60
DN0.50
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Question 1553
jamb1994
when shares issued are paid for, accounting entry required is
Adebit bank or cash account and credit share capital and/or premium account
Bcredit bank or cash account and debit share capital and/or premium account
Cdebit shares account and credit capital account
Dcredit shares account and debit capital account
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Question 1554
jamb1994
Under which of the following conditions is a partnership dissolved?
AChange of partnership's head office
Badmission of a new partner
CPurchase of a large quantity of fixed asset
DRetirement of a manager who is not a partner
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Question 1555
jamb1994
Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000.
The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is
AN32,000
BN40,000
CN42,000
DN50,000
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Question 1556
jamb1994
Goodwill appears in the books of a business only if it has been
Apurchased at a certain price
Braised in connection with the admission of a new partner
Craised to account for the true value of a business on the death of a partner
Draised in order to prevent the balance sheet showing that the business is insolvent
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Question 1557
jamb1994
The major distinguishing element between the final accounts of a partnership and a sole trader is the
Adrawings account
Bappropriation account
Ccapital account
Dcreditors account
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Question 1558
jamb1994
The net profit from a trading account of a non-profit making organization would be treated as income in the
Aincome and expenditure account
Breceipt and payment account
Cbalance sheet
Dstatement of affairs
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Question 1559
jamb1994
The major difference between the receipt and payment account and the income and expenditure account is that while the former
Ais kept by the treasurer, the latter is not
Bdeals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
Cis a T-account, the latter is not
Dis not in the ledger, the latter is
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Question 1560
jamb1994
Which of the following categories of labour cost will be classified as direct?
Aaccountant's salary
Bfactory workers' salary
Cmanaging director's salary
Dcashier's salary
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Question 1561
jamb1994
From which of the following sources are creditors control account most likely to be posted?
Asupplier's invoices
Bcash disbursements journal
Csubsidiary debtors ledger
Dpurchases journal
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Question 1562
jamb1994
Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
AN23,000
BN29,000
CN36,000
DN43,000
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Question 1563
jamb1994
If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
Aincome in the profit and loss account
Bincome in the balance sheet
Cadditional cash in the profit and loss account
Dexpense in the balance sheet
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Question 1564
jamb1994
The net profit or loss for the year is determined in profit and loss account after
Adeducting purchases from sales
Bdeducting cost of goods sold from sales and adding administrative expenses
Cadding commissions received to gross profit
Deliminating all expenses from gross profit and adding any other income
