Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 41:

• JAMB 2004

According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?

A. Consolidated Revenue Fund
B. Federation Account
C. Revenue Mobilization Allocation and Fiscal Commission's Account
D. Equalization Fund

Question 42:

• JAMB 2004

The budget statement presented to the legislature by the Chief Executive is called?

A. An appropriation act
B. A budget bill
C. An appropriation bill
D. A budget proposal

Question 43:

• JAMB 2004

The statement of assets and liabilities in the public sector can be described as the?

A. Income and expenditure accountof government
B. Appropriation account of government
C. Balance sheet of government
D. Funds flow statement of government

Question 44:

• JAMB 2004

What is the value of the authorized share capital?

A. N500,000
B. N600,000
C. N750,000
D. N1, 200,000

Question 45:

• JAMB 2004

The value of the owner's equity is

A. N400,000
B. N900,000
C. N957,000
D. N1,357,000