Jamb Accounting Past Questions For Year 2005
Question 46
The tier of government that uses financial memorandum is the?
- A. federal government
- B. state government
- C. local government
- D. municipal government
Question 47
The accounting method that reports incomes when earned and expenses when incurred is called?
- A. cash accounting
- B. commitment accounting
- C. fund accounting
- D. accrual accounting
Question 48
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
- A. cash and credit debenture
- B. debenture and credit cash
- C. cash and credit capital
- D. capital and debit cash
Question 49
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
- A. cash account and credit realization account
- B. rassets account and credit realization account
- C. realization account and credit realization account
- D. assets account and credit cash account
