1997 - JAMB Accounting Past Questions and Answers - page 5
41
A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to
A
N 1 000 000
B
N 500 000
C
N 50 000
D
N 25 000
42
A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?
A
N 500 000
B
N 50 000
C
N200
D
N 20
43
A
N12 000
B
N 11 000
C
N 8 000
D
N4 000
44
A
1:1
B
1:2
C
2:3
D
3:2
45
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
A
N2 100
B
N 200
C
N 1 900
D
N 100
46
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
A
I and IV only
B
II and III only
C
II and IV only
D
III and IV only
47
Public sector accounting is based on
A
cash
B
accrual
C
budget
D
consolidated fund
48
A
keep proper records of government expenditures
B
give financial information to the public and investors
C
produce timely and accurate financial reports for legislators and the public
D
give information on the performance of public enterprises
49
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is
The Correct closing balance for Musa's current account is
A
N36 000 Credit
B
N16 600 credit
C
N16 600 debit
D
N1 800 credit
50
The correct closing balance for lawal's current account is
A
N21 100 debit
B
N14 740 debit
C
N14 740 credit
D
N540 credit
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