Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 11:

• JAMB 2007

An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?

A. Fixed assets ratio
B. Capital gearing ratio
C. Current assets ratio
D. Acid test ratio

Question 12:

• JAMB 2007

Use the information below to answer question .
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
What would be the total amount received on second call?

A. N240 000
B. N280 000
C. N40 000
D. N56 000

Question 13:

• JAMB 2007

Use the information below to answer question
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
The total amount of money received on application was?

A. N560 000
B. N220 000
C. N800 000
D. N1000 000

Question 14:

• JAMB 2007

Given:
Shaku Company Ltd.
Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000
Determine the working capital?

A. N7380 000
B. N8480 000
C. N5480 000
D. N6480 000

Question 15:

• JAMB 2007

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

A. A cash acount
B. A balance sheet
C. An income account
D. An expenses account