2015 - JAMB Accounting Past Questions and Answers - page 7
61
Which of the following accounts is debited when a delivery van is sold for cash?
A
sales account
B
delivery van account
C
cash account
D
profit and loss accounts
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62
When shares are sold at more than the per value, they are said to have been issued at
A
A premium
B
Normal value
C
A discount
D
A profit
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63
Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000
A
N52,000
B
N51,000
C
N55,000
D
N50,000
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64
Which of the following is shown in the profit and loss appropriation account of a company
A
interest charges
B
depreciation
C
directors emoluments
D
dividends
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65
Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
A
purchase of business account and credit cash account
B
goodwill account and credit purchase of business account
C
cash account and credit goodwill account
D
goodwill account and credit cash account
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66
The income and expenditure account of a club is the same as
A
single entry account
B
a profit and loss account
C
a trading account
D
a cash book
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67
Goods stolen at the branch is debited to
A
branch stock account
B
defalcations account
C
branch debtors account
D
branch adjustment account
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68
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------
A
financial accounting
B
accounting policies
C
cost accounting
D
accounting conventions
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69
Which of the following cannot be realized?
A
creditors
B
debtors
C
motor vehicles
D
goodwill
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70
If a trail balance is in agreement, one of the statement is untrue
A
the accounting system is error free
B
equal debit entries and credit entries were recorded for each transaction
C
the debit and credit from the journal were posted to the accounts
D
account balances were correctly computed
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