2021 - JAMB Accounting Past Questions and Answers - page 3

The issued share capital is the number of shares that are 

The formular for calculating depreciation using straight line method is

The two legally recognized professional accounting bodies in Nigeria are the 

The corresponding entry of personal accounts  found in the debit side of the cashbook is to 

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
                                                           Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
                                                           Bank                     100,000
                                        755,000                                   755,000     

The quick ratio is
 

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000          Investment           180,000
Long-term loan               180,000          Stock                      28,000
                                                              Debtors                  90,000
Creditors                        200,000          provision(3000)      87,000
Other current liabilities    100,000         Cash                       60,000
                                                              Bank                     100,000
                                        755,000                                   755,000     

Determine the owner's equity

The prime cost is the total of the

Recurrent expenditures are expenses for the period not exceeding

A source document is used for verifying the 

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?