2021 - JAMB Accounting Past Questions and Answers - page 2
The accounting method that reports incomes when earned and expenses when incurred is called
Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called
Given:
₦
Bank overdraft 2,000
Cash 2,000
Furniture 4,000
Derive the total amount on the credit side of the trial balance
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
Determine the fixed assets
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
What are the current assets?
Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The share premium account would be
Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The second final call account was debited with
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to
The major objectives of departmental account is to ascertain the
Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.
From the above, which of the following is delivered to the registrar of companies for incorporation?