# 2014 JAMB Accounts Past Questions & Answers - page 1

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1
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment

A
#224,950
B
#225,000
C
#324,950
D
#325,000

Correct Option: B

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2
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is

A
#675,000
B
#975,000
C
#1,350,000
D
#1,950,000

Correct Option: D

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3
The account of government into which all monies are received and from which all expenditures are disbursed is the

A
Federation account
B
Petroleum Technology Development Fund
C
Central Bank Account
D
Development fund

Correct Option: A

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4
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A
virement
B
fund accounting
C
consolidated fund
D
financial regulation

Correct Option: D

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5
The formula for calculating depreciation using straight line method is

A
$$\frac{\text{Scrape Value} + \text{Sales}}{Useful life}$$
B
$$\frac{\text{Cost } - \text{Scrape Value}}{Useful life}$$
C
$$\frac{\text{Sales } - \text{Scrape Value}}{Useful life}$$
D
$$\frac{\text{Purchases } + \text{Sales }}{Useful life}$$

Correct Option: B

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6
Determine the closing stock.

A
N30,000
B
N40,000
C
N50,000
D
N60,000

Correct Option: C

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7
What is the total income for the period?

A
N13,890
B
N13,500
C
N10,500
D
N9,500

Correct Option: A

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8
What is the balance carried down?

A
N11,680
B
N11,930
C
N12,330
D
N13,430

Correct Option: C

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9
One of the the differences between bookkeeping and accounting is that the former

A
records data while the latter interprets
B
is regarded as the language of the business while the latter ascertains its strenght
C
interprets data while the latter records it
D
summarises information while the latter communicates it

Correct Option: A

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10
The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A
matching
B
consistency
C
realization
D
going concern

Correct Option: C

No further explanations yet...

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