2019 - JAMB Commerce Past Questions and Answers - page 1
A partnership may be automatically dissolved due to the following factors except________
Court verdict
Joint decision
Admission of new partners
Bankruptcy of a partner
A dissolution of a partnership generally occurs when one of the partners ceases to be a partner in the firm. Dissolution is distinct from the termination of a partnership and the "winding up" of partnership business. More.
One of the disadvantages of Sole Proprietorship is__________
It requires small operations
It involves small capital
It lacks specialization
Grants from government
In the formation of a united liability company, the following documents are prepared except_______
Memorandum of Association
Article of Association
Statement of Nominal Capita
Prospectus
A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. Wikipedia
The process of winding up or bringing a company to an end is________
Dissolution
Liquidation
Integrating
Merger
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the company are redistributed. Wikipedia
Use the following information to answer this question.
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Current assets
1600
1060
1500
600
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Fixed assets
6500
2000
4900
600
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Current liabilities
100
6000
600
3000
Assets = Capital + liabilities
Hence,
Liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600
In a law of contract, what is given in exchange for a promise to perform is_____
offer
acceptance
warranty
consideration
Consideration is a benefit which must be bargained for between the parties and is the essential reason for a party entering into a contract. Consideration is one of the valid element of a contract.
In Nigeria, it is mandatory for all business enterprises to be registered with the________
Government
Corporate Affairs Commission
Agent
Enterprise
All businesses operating in Nigeria has to be registered with the Corporate Affairs Commission. If successfully incorporated, the business is issued a certificate of incorporation.
All but one does not provide an Indirect Service?
Custom Officers
Family Doctors
Civil Servants
Law Makers
Indirect service refers to services rendered to the general public but they are not paid for by the members of the public directly. The government will pay for the services from taxes and levies paid by the public.