Jamb Accounting Past Questions For Year 2009
Question 36
One of the purposes of maintaining the account of a branch at the head office is to?
- A. record charges in shareholdings
- B. record charges in liabilities
- C. check the excesses of customers
- D. check and monitor the growth of individual branches
Question 37
Provision for bad and double debts in companies final accounts is treated in?
- A. trading account
- B. profit and loss account
- C. fund flow statement
- D. cash flow statement
Question 38
Use the information below to answer questions below;
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The second and final call account was debited with?
- A. ordinary share capital account N187,500
- B. 12% preference share capital N375,000
- C. bank account N187,500
- D. 12% preference share capital account N187,500
Question 39
Use the information below to answer questions below;
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The share premium account would be?
- A. credited with application and allotment N187, 500
- B. debited with appllication and allotment N375,000
- C. credited with application and allotment N375, 000
- D. debited with application and allotment N187, 500
Question 40
In a partnership account, conversation of non-cash assets into cash is referred to as?
- A. realization
- B. disposal
- C. dissolution
- D. revaluation
