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.
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
Avirement
Bfund accounting
Cconsolidated fund
Dfinancial regulation
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Question 31
jamb2014
The account of government into which all monies are received and from which all expenditures are disbursed is the
AFederation account
BPetroleum Technology Development Fund
CCentral Bank Account
DDevelopment fund
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Question 32
jamb2014
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is
A#675,000
B#975,000
C#1,350,000
D#1,950,000
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Question 33
jamb2014
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment
A#224,950
B#225,000
C#324,950
D#325,000
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Question 34
jamb2014
#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to
Acredit #1,600,000
Bdebit #1,600,000
Ccredit #1,600,000
Ddebit #800,000
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Question 35
jamb2014
The details of the share capital which a company is authorized to issue is contained in the
AArticles of Association
BCompanies and Allied Matters Act
CMemorandum of Association
DShare capitak certificate
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Question 36
jamb2014
Payment for shares in excess of amount offered gives rise to
Asubscription in advance
Brevenue reserves
Ccapital reserves
Dcalls-in-advance
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Question 37
jamb2014
The expenses incurred in purchasing a vehicle is a
Arevenue expenditure
Bcapital expenditure
Crecurrent expenditure
Dconcurrent expenditure
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Question 38
jamb2014
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
Arealization account
Bsavings account
Cshare capital account
Dcapital account
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Question 39
jamb2014
The profit of a branch is usually credited to the
Aadjustment account
Bhead office sales
Chead office goods account
Dhead office current account
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Question 40
jamb2014
In the absence of a partnership deed, the act stipulates that
Aan amount should be fixed as salary for partners
Binterest on partners loan should be 25%
Cinterest should not be allowed on partners drawings
