Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 36:

• JAMB 2004

When a new partner is admitted to a partnership, there is a need to revalue the?

A. Capital of the business
B. Capital and liabilities of the business
C. Assets and capital of the business
D. Assets and liabilities of the business

Question 37:

• JAMB 2004

The accounting entry to record the premium on goodwill is to debit?

A. Cash and credit old partners' capital
B. Goddwill and credit revaluation
C. Assets and credit capital
D. Capital and credit assets

Question 38:

• JAMB 2004

Debentures can be redeemed out of?

A. Existing share capital reserve
B. Existing general reserve
C. Proceeds from new issue of shares
D. Withholding tax

Question 39:

• JAMB 2004

The expenses incurred in promoting a company are?

A. Promoters' expenses
B. Floating expenses
C. Preliminary expenses
D. The borad's expenses

Question 40:

• JAMB 2004

Share premium is an example of?

A. Revenue reserve
B. Capital reserve
C. General reserve
D. Loan capital