Jamb Accounting Past Questions For Year 1999
Question 36
Capital and revenue expenditures of government are usually accounted for under funds which include?
- A. A personal advances, technical, special trust and
- B. technical, special trusth and commercial funds
- C. personal advances, treasury clearance and special trusth funds
- D. commercial loans and treasury clearance funds
Question 37
What is the correct entry in the head office books at the point of initial transfer of the goods?
- A. Branch stock account would be credited with
- B. Branch stock account would be debited with N12,000
- C. Goods sent to branch account would be debited with N10,800
- D. Goods sent to branch account would be credited with N12,000
Question 38
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
- A. debit to goods sent to branch account
- B. debit to branch stock adjustment account
- C. credit to branch adjustment account
- D. credit to branch stock adjustment account
Question 39
To record the transfer of stock from one department to another, the correct entry would be to debit?
- A. goods outwards and credit goods inwards
- B. merchandise account and credit department stock account
- C. department transfering and credit department receivving
- D. department receiving and credit department transfering
Question 40
The conventional sources of public revenue includes?
- A. loans,taxation, foreign reserves and dividends
- B. interest, royalties, taxation and loans
- C. crude oil, interest, posted price and taxation
- D. taxtion, deficit budgeting, royalties and loans
