Jamb Accounting Past Questions For Year 1997
Question 31
Public sector accounting is based on
- A. cash
- B. accrual
- C. budget
- D. consolidated fund
Question 32
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments
- A. The department making the highest profit can be easily determined
- B. I and IV only
- C. II and III only
- D. II and IV only
- E. III and IV only
Question 33
If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is
- A. N2 100
- B. N 200
- C. N 1 900
- D. N 100
Question 34
The acid test ratio in the company is
- A. 1:1
- B. 1:2
- C. 2:3
- D. 3:2
Question 35
What is the working capital?
- A. N12 000
- B. N 11 000
- C. N 8 000
- D. N4 000
