2006 - JAMB Accounting Past Questions and Answers - page 2
11
After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
A
60 days
B
30 days
C
120 days
D
90 days
12
Gross earnings........................N950 000
Current liabilities...................N100 000
Operating expenses....................N350 000
10% debentures........................N400 000
Shareholder's fund....................N1300 000
Corporate tax is 30%
From the data above calculate the returns on equity?
A
33%
B
35%
C
20%
D
30%
13
Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
The undistributed profit carried forward is?
A
N 68 000
B
N 20 000
C
N 74 000
D
N 34 000
14
Accrual accounting differs from cash accounting because it recognizes?
A
cash and creditors
B
debtors and creditors
C
cash and debitors
D
prepayment and cash
15
Use the information below to answer questions Turnover...........................N120 000 Net profit before tax..............N40 000 Net profit b/f.....................N68 000 Proposed dividends: Ordinary shares....................N8 000 Preference shares..................N6 000 Corporate tax is 30%...............N10 000
What is the tax charged to profit and loss account?
A
N 14 000
B
N 60 000
C
N 34 000
D
N 20 000
16
A private company is different from a public company because?
A
it does not restrict the right to transferits shares
B
it cannot invite members of the public to subscribe for its shares
C
its shares are owned by one person
D
it can only offer its shares to members of the publicfor subscription
17
The use of a three-column cash book is determine by?
A
cash discounts
B
trade discounts
C
cash transactions
D
bank transactions
18
A major factor that enhanced the early development of accounting is the?
A
Industrial Revolution
B
growing of trade and commerce
C
development of arithmetic
D
invention of writing
19
which of the following is source of document for the preparation of debtors' ledger account?
A
Debit note
B
General journal
C
Purchases invoice
D
Sales invoice
20
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
A
entity
B
materiality
C
realization
D
accrual
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