2005 - JAMB Accounting Past Questions and Answers - page 2
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Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?
A
N12 000
B
N10 000
C
N8 000
D
N7 000
correct option: c
Users' Answers & Comments12
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?
A
N6000 and N5000
B
N3000 and N3400
C
N4000 and N4000
D
N3000 and N600
correct option: d
Users' Answers & Comments13
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
A
cash account and credit realization account
B
rassets account and credit realization account
C
realization account and credit realization account
D
assets account and credit cash account
correct option: a
Users' Answers & Comments14
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
The accounting entry to record this will be to debit?
A
cash and credit debenture
B
debenture and credit cash
C
cash and credit capital
D
capital and debit cash
correct option: b
Users' Answers & Comments15
The accounting method that reports incomes when earned and expenses when incurred is called?
A
cash accounting
B
commitment accounting
C
fund accounting
D
accrual accounting
correct option: d
Users' Answers & Comments16
The tier of government that uses financial memorandum is the?
A
federal government
B
state government
C
local government
D
municipal government
correct option: c
Users' Answers & Comments17
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock
Determine the closing stock
A
N20 000
B
N30, 000
C
N40 000
D
N50,000
correct option: c
Users' Answers & Comments19
Determine the closing stock under LOFO method
A
N575
B
N500
C
N375
D
N275
correct option: a
Users' Answers & Comments20
Calculate the closing stock under FIFO method
A
N875
B
N675
C
N600
D
N300
correct option: b
Users' Answers & Comments