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 6
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 7
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 8
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 9
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 10
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 11
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 12
jamb2014
The expenses incurred in purchasing a vehicle is a
Arevenue expenditure
Bcapital expenditure
Crecurrent expenditure
Dconcurrent expenditure
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Question 13
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 14
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 15
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
Dprofits and losses should not be shared equally
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Question 16
jamb2014
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up
A#150,000
B#160,000
C#170,000
D#180,000
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Question 17
jamb2014
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
What is the cost price of the goods sent to the branch
A#600,000
B#620,000
C#640,000
D#700,000
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Question 18
jamb2014
If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?
A#130,000
B#125,000
C#80,000
D#75,000
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Question 19
jamb2014
In a departmental account, the expenses to be apportioned on the basis of turnover is
Acarriage inwards
Breturns outwards
Cdiscount recieved
Dcarriage outwards
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Question 20
jamb2014
In a departmental account, where no basis of apportionment exist, apportionment is
