2020 - JAMB Accounting Past Questions and Answers - page 3
21
The market value of goods produced is?
A
N30,500
B
N30,600
C
N31,600
D
N31,620
22
The expenses incurred in promoting a company are?
A
promoters' expenses
B
floating expenses
C
preliminary expenses
D
the borad's expenses
23
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
24
Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
A
50%
B
40%
C
30%
D
20%
25
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
A
II and IV only
B
I,II and IV only
C
I,II and III only
D
II,III and IV only
26
The accounting entries for goods stolen in branch will be to debit
A
The accounting entries for goods stolen in branch will be to debit
B
branch stock account and credit branch adjustment account
C
branch adjustment account and credit profit and loss account
D
branch adjustment account and credit branch stock account
27
The two legally recognized professional accounting bodies in Nigeria are the?
A
Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B
Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C
Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D
Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
28
Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is
A
N90,000
B
N30,000
C
N19,000
D
N18,000
29
Calls in advance are treated in the balance sheet as_______
A
Current asset
B
Fixed asset
C
Current liability
D
Fixed liability
30
The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
A
Call in advance
B
call in arrears
C
forfeiture
D
shares
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