2013 - JAMB Accounting Past Questions and Answers - page 5
41
The objective of departmental account is to
A
ascertain the cost of running the organization
B
ascertain the amount of profit or loss for each department
C
ascertain the amount of profits for losses for the enterprises
D
offset the loss of each treatment
correct option: b
Users' Answers & Comments42
Which of the following is the capital reserve of a company
A
Share premium
B
Retained profit
C
Accumulated depreciation
D
Loss on forfeited shares
correct option: a
Users' Answers & Comments43
Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
How much is to be paid for application?
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
How much is to be paid for application?
A
#230,000
B
#280,000
C
#500,000
D
#550,000
correct option: a
Users' Answers & Comments44
The issued share capital is the number of shares that are
A
authorized by share holders
B
shared among the directors
C
fully subscribed
D
in the share certificate
correct option: a
Users' Answers & Comments45
The distributable profit available to shareholders at the end of each year is the
A
total profit and debtors balance
B
general reserve and retained profit
C
retained profit and fictitious assets
D
total profit less creditors balance
correct option: d
Users' Answers & Comments46
The debenture issued at par above the nominal value is said to be issued at a
A
cost price
B
mark-up
C
premium
D
margin
correct option: c
Users' Answers & Comments47
Accountant-general of the federation is responsible for
A
the general supervision of all auditing personnel in all the ministeries
B
the compilation of annual financial statement
C
the interpretation of rules and regulations affecting the private sectors
D
ensuring the efficient operation of the ministries
correct option: b
Users' Answers & Comments48
Given:
Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000
Calculate the liabilities of the local government
Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000
Calculate the liabilities of the local government
A
#10,994,500
B
#17,394,500
C
#18,774,500
D
#18,874,500
correct option: a
Users' Answers & Comments49
An instrument which allows public officers to increase expenditure within a year is
A
statutory allocation
B
supplementary budget
C
virement
D
warrant
correct option: b
Users' Answers & Comments