Jamb Accounting Past Questions For Year 2015
Question 16
When shares are sold at more than the par value, they are said to have been issued at
- A. A premium
- B. Normal value
- C. A discount
- D. A profit
Question 17
Which of the following is true in public sector accounting? Cost of assets is
- A. depreciated on straight line method
- B. expensed in the year of purchase
- C. charged to federation account
- D. depreciated on reducing balance method
Question 18
Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt
- A. purchase of business account and credit cash account
- B. goodwill account and credit purchase of business account
- C. cash account and credit goodwill account
- D. goodwill account and credit cash account
Question 19
Which of the following is shown in the profit and loss appropriation account of a company
- A. interest charges
- B. depreciation
- C. directors emoluments
- D. dividends
Question 20
If sales return is understated, it implies that ------------------------------ is overstated
- A. return inward
- B. sales figure
- C. cost of sales
- D. return outward
