Jamb Accounting Past Questions For Year 2009
Question 41
Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
If the capital of the partnership is unfixed, what is K's current accounts?
- A. N11,950
- B. N10,950
- C. N20
- D. N 0
- E. NO OPTION
Question 42
One of the reasons for the existence of the public sector is to?
- A. Take adequate care of the needy
- B. supplement the commercial sector
- C. provide cheap services to all citizens
- D. correct perceived inequalities
Question 43
Which of the following is credited to the consolidated revenue fund?
- A. Recurrent expenditure
- B. Capital expenditure
- C. Transfer to revenue fund
- D. International revenue
Question 44
Replacement and renewal of fixed assets are?
- A. revenue receipt
- B. capital receipt
- C. capital expenditure
- D. revenue expenditure
Question 45
Expenditure incurred on consumables and goods for resale is?
- A. revenue expenditure
- B. capital expenditure
- C. sunk cost
- D. miscellanous expenses
