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.
What is the value of the authorized share capital?
AN500,000
BN600,000
CN750,000
DN1, 200,000
View Explanation & Discuss
Question 33
jamb2004
The statement of assets and liabilities in the public sector can be described as the?
Aincome and expenditure accountof government
Bappropriation account of government
Cbalance sheet of government
Dfunds flow statement of government
View Explanation & Discuss
Question 34
jamb2004
The budget statement presented to the legislature by the Chief Executive is called?
Aan appropriation act
Ba budget bill
Can appropriation bill
Da budget proposal
View Explanation & Discuss
Question 35
jamb2004
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
AConsolidated Revenue Fund
BFederation Account
CRevenue Mobilization Allocation and Fiscal Commission's Account
DEqualization Fund
View Explanation & Discuss
Question 36
jamb2004
Share premium is an example of?
Arevenue reserve
Bcapital reserve
Cgeneral reserve
Dloan capital
View Explanation & Discuss
Question 37
jamb2004
The expenses incurred in promoting a company are?
Apromoters' expenses
Bfloating expenses
Cpreliminary expenses
Dthe borad's expenses
View Explanation & Discuss
Question 38
jamb2004
Debentures can be redeemed out of?
Aexisting share capital reserve
Bexisting general reserve
Cproceeds from new issue of shares
Dwithholding tax
View Explanation & Discuss
Question 39
jamb2004
The accounting entry to record the premium on goodwill is to debit?
Acash and credit old partners' capital
Bgoddwill and credit revaluation
Cassets and credit capital
Dcapital and credit assets
View Explanation & Discuss
Question 40
jamb2004
When a new partner is admitted to a partnership, there is a need to revalue the?
Acapital of the business
Bcapital and liabilities of the business
Cassets and capital of the business
Dassets and liabilities of the business
View Explanation & Discuss
Question 41
jamb2004
What is Kunle's share of the profit?
AN600
BN300
CN180
DN120
View Explanation & Discuss
Question 42
jamb2004
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
AN4,000
BN2,800
CN1,500
D300
View Explanation & Discuss
Question 43
jamb2004
On dissolution, the final distribution of cash to partners is based on?
Apatnership agreement
BArticles os asssociation
Cgoodwill
Dcapital balances
View Explanation & Discuss
Question 44
jamb2004
Transfers from the head office to branches are best carried out at?
Acost price
Bselling price
Ccost plus mark-up
Dmarket price
View Explanation & Discuss
Question 45
jamb2004
Discounts granted branch customers are treated as a debit to branch?
Astock account and a credit to branch debtors'account
Bdiscount account and a credit to branch bank account
Cstock account and a credit to branch bank account
Ddiscount account and a credit to branch debtors' account
View Explanation & Discuss
Question 46
jamb2004
How are credit sales by a department treated?
Athe same way as normal debtors' transactions
Bin a different way from normal debtors' transactions
Cas an addition to the production manager's account
Das an addition to the production managers' account
View Explanation & Discuss
Question 47
jamb2004
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
Amanufacturing accounts
Bconsolidated accounts
Cdepartmental accounts
Djoint venture accounts
View Explanation & Discuss
Question 48
jamb2004
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
Acurrent assets
Bcurrent liability
Ccapital
Dreserve
View Explanation & Discuss
Question 49
jamb2004
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
Adeflicit
Bsurplus
Cgain
Dloss
View Explanation & Discuss
Question 50
jamb2004
In the balance sheet, the subscription in arrears will be?
