Jamb Accounting Past Questions For Year 2013
Question 31
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
- A. net income
- B. revenue reserve
- C. capital reserve
- D. net loss
Question 32
When a share valued at 50k is issued at #1.59, it is said to be issued at
- A. par
- B. premium
- C. discount
- D. interest
Question 33
In a partnership account, interest on drawings is
- A. debited to appropriation account
- B. credited to appropiation account
- C. treated as an expense in profit and loss account
- D. recorded in the balance sheet as current assets
Question 34
A partnership's internal regulations are set out by
- A. a deed
- B. a law
- C. a constitution
- D. an article
Question 35
The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a
- A. bonus
- B. commission
- C. premium
- D. goodwill
