2020 - JAMB Accounting Past Questions and Answers - page 2
11
Accounting information is used by investors and creditors of a company to predict
A
future cash flows of the company
B
future tax payments of the company
C
potential merger candidates for the company
D
appropriate remunerations for the company's staff
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12
The receipt from a special tax levy to pay maturing interest obligation are recorded in
A
capital fund project
B
Debt Service Fund
C
Tax Assessment Fund
D
Special Revenue Fund
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13
The principle use of control accounts is to
A
localize error within the ledger
B
prevent fraud
C
increase sales
D
record assets and liabilities
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14
A
1:1
B
1:2
C
2:3
D
3:2
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15
The interest on Keme's drawings is calculated as?
A
N200
B
N150
C
N300
D
N100
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16
Which of the following is a signatory to federal government account?
A
Auditor-General
B
Governor of Central Bank
C
Accountant-General
D
Persident
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17
An instrument which allows public officers to increase expenditure within a year is
A
statutory allocation
B
supplementary budget
C
virement
D
warrant
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18
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
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19
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
A
cost price
B
fixed percentage on cost
C
selling price
D
invoice price
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20
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
A
capital and debit liabilities
B
liabilities and credit assets
C
assets and credit capital
D
capital and credit assets
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