Jamb Accounting Past Questions For Year 2011
Question 31
The capital of not-for-profit-making organization is referred to as?
- A. entity fund
- B. capital owned
- C. accumulated fund
- D. capital employed
Question 32
The subscription paid in advance is treated in the balance sheet of a club as?
- A. a surplus
- B. a liability
- C. a deflicit
- D. an asset
Question 33
Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?
- A. N1 000
- B. N2 000
- C. N500
- D. N3 000
Question 34
The major point of agreement carried by the partnership deed is?
- A. 5% interest annum on any loan
- B. an oral agreement among the partners
- C. method of inhertance by the partners' children
- D. the profit and loss sharing ratio of the partners
Question 35
Goods invoiced to a branch can be sent using?
- A. cost price, selling price and fixed percentage on selling price
- B. cost price, selling price and fixed percentage on cost price
- C. cost priceand fixed percentage on cost price
- D. cost price and fixed percentage on selling price
