Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 36:

• JAMB 2001

Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`

A. Investment and credit cash
B. Investment and credit shares
C. Purchases and credit cash
D. Purchases and credit shares

Question 37:

• JAMB 2001

The main difference between the ordinary and preference shareholders is that?

A. The former receive dividends while the latter do not
B. The latter are not members of the company while the former are
C. In the case of winding up, the former are paid first before the latter
D. The former have voting rights while the latter do not

Question 38:

• JAMB 2001

The law that currently regulates the registration of companies in Nigeria is the?

A. Constitution of the Federal Republic of Nigeria, 1999
B. Nigeria Enterprises Promotion Decree, 1972
C. Companies and Allied Matters Decree, 1990
D. Companies Decree, 1968

Question 39:

• JAMB 2001

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?

A. N37,500
B. N62,500
C. N87,500
D. N100,000

Question 40:

• JAMB 2001

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

A. Creditors
B. Debtors
C. Stock
D. Suspense