Jamb Accounting Past Questions For Year 2014
Question 41
Payment for shares in excess of amount offered gives rise to
- A. subscription in advance
- B. revenue reserves
- C. capital reserves
- D. calls-in-advance
Question 42
The expenses incurred in purchasing a vehicle is a
- A. revenue expenditure
- B. capital expenditure
- C. recurrent expenditure
- D. concurrent expenditure
Question 43
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
- A. virement
- B. fund accounting
- C. consolidated fund
- D. financial regulation
Question 44
The account of government into which all monies are received and from which all expenditures are disbursed is the
- A. Federation account
- B. Petroleum Technology Development Fund
- C. Central Bank Account
- D. Development fund
Question 45
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is
- A. #675,000
- B. #975,000
- C. #1,350,000
- D. #1,950,000
