2004 - JAMB Accounting Past Questions and Answers - page 5

41
The budget statement presented to the legislature by the Chief Executive is called?
A
an appropriation act
B
a budget bill
C
an appropriation bill
D
a budget proposal
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42
The statement of assets and liabilities in the public sector can be described as the?
A
income and expenditure accountof government
B
appropriation account of government
C
balance sheet of government
D
funds flow statement of government
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43
What is the value of the authorized share capital?
A
N500,000
B
N600,000
C
N750,000
D
N1, 200,000
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44
The value of the owner's equity is
A
N400,000
B
N900,000
C
N957,000
D
N1,357,000
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45
What is the net profit made by department S?
A
N3,600
B
N,3000
C
N2,400
D
N2,000
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46
The depreciation to be charged to department T is ?
A
N30P00
B
N400
C
500
D
N600
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47
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The amount withdrawn is
A
N2,100
B
N2,200
C
N4,400
D
N6,400
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48
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The cash book closing balance will be
A
N900
B
N2,400
C
N4,200
D
N4,600
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49
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
A
N60
B
N61
C
N62
D
N64
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50
Based on the FIFO method of valuation the total cost of the raw materials issued is
A
N150
B
N160
C
N240
D
N250
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