Jamb Accounting Past Questions For Year 1999
Question 31
Shares issued to a vendor in payment of business purchased would require a debit to?
- A. cash account and credit to share capital account
- B. share capital account and credit to vendor's account
- C. vendor's account and credit to share capital account
- D. share capital account and credit to cash account
Question 32
Calls in advance are treated in the balance sheet as?
- A. current asset
- B. current liability
- C. fixed assets
- D. fixed liability
Question 33
If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
- A. preliminary expenses, credit cash accounts
- B. promoter, credit creditors' accounts
- C. lawyer's credit cash accounts
- D. cash , credit incorporation accounts
Question 34
Which of the following events increases a corporation's shareholders equity?
- A. Donation of shares out of the corporation's own stock to the corporation
- B. The corporation's purchase of treasury stock
- C. Shares of previously subscribed stock issue to subscribing stockholders
- D. A municipality donation of land to the corporation
Question 35
Which of the following account is kept by local governments in Nigeria?
- A. Balance sheet
- B. Advances account
- C. Debtors account
- D. Profit account
