2008 - JAMB Accounting Past Questions and Answers - page 4
31
Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
A
i and ii
B
i, ii and iii
C
i, ii, iii and iv
D
iii and iv
32
If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
A
selling price
B
Akure price
C
company price
D
Lagos price
33
Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?
A
N50
B
N100
C
N200
D
N250
34
The entry in the partnership books of accounts for interest on drawings is to?
A
credit partners capital account
B
debit partners capital account
C
credit drawings account
D
debit drawings account
35
In partnership dissolution, an asset taken over by a partner is debited to?
A
partners capital account and credited to realization account
B
Partners capital account and credited to asset account
C
asset account and credited to realization account
D
realization account and credited to capital account
36
Goodwill can be in the balance sheet as?
A
fixed tangible asset
B
current asset
C
fictitious asset
D
liquid asset
37
Cash received from the subscribed shares is recorded by debting?
A
application, allotment and crediting cash
B
allotment and crediting cash
C
cash and crediting subscribed shares
D
cash, crediting application and allotment account
38
Ordinary shareholders received dividend before?
A
creditors
B
debtors
C
preference shareholders
D
deferred shareholders
39
A source of revenue that is compulsory payment without any derived benefit is?
A
fees
B
taxes
C
fines
D
royalties
40
The salary of the chief Justice of the Federation is paid from the?
A
consolidated revenue fund
B
development fund
C
contigency fund
D
special fund
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