Jamb Accounting Past Questions For Year 2016
Question 21
The costs of acquiring fixed assets and bringing them into the firm is a
- A. general expenses
- B. recurrent expenditure
- C. revenue expenditure
- D. capital expenditure
Question 22
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
- A. annual discount
- B. trade discount
- C. periodic discount
- D. cash discount
Question 23
When the fixed capital method is used, the partners' share of profits and remunerations are credited to the
- A. current account
- B. profit and loss account
- C. profit and loss appropriation account
- D. capital account
Question 24
1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?
- A. II and IV
- B. II, III and IV
- C. I, II and III
- D. III and IV
Question 25
The major sources of revenue for the state and local governments is
- A. value added tax
- B. statutory allocation
- C. taxes and levies
- D. recurrent revenue
