Accounts - Principles of Accounts Past Questions and Answers

Question 3181:

• JAMB 2023

In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of

A. 7 $\frac{1}{2}$ %
B. 5%
C. 15%
D. 10%

Question 3182:

• JAMB 2023

The journal has the following headings except

A. Date
B. Debit
C. Discount
D. Credit

Question 3183:

• JAMB 2023

The part of capital issued only at the time of liquidation of the company is ____________

A. Issued capital
B. Called-up capital
C. Paid-up capital
D. Reserved capital

Question 3184:

• JAMB 2023

Which of the following is not charged to manufacturing account?

A. Raw materials
B. Factory wages
C. Direct expenses
D. Distribution expenses

Question 3185:

• JAMB 2023

The authority to transfer fund from one head to another within the same organization is called ____________

A. Fund
B. Warrant
C. Vote
D. Virement