Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 36:

• JAMB 2008

In partnership dissolution, an asset taken over by a partner is debited to?

A. Partners capital account and credited to realization account
B. Partners capital account and credited to asset account
C. Asset account and credited to realization account
D. Realization account and credited to capital account

Question 37:

• JAMB 2008

Goodwill can be in the balance sheet as?

A. Fixed tangible asset
B. Current asset
C. Fictitious asset
D. Liquid asset

Question 38:

• JAMB 2008

Cash received from the subscribed shares is recorded by debting?

A. Application, allotment and crediting cash
B. Allotment and crediting cash
C. Cash and crediting subscribed shares
D. Cash, crediting application and allotment account

Question 39:

• JAMB 2008

Ordinary shareholders received dividend before?

A. Creditors
B. Debtors
C. Preference shareholders
D. Deferred shareholders

Question 40:

• JAMB 2008

A source of revenue that is compulsory payment without any derived benefit is?

A. Fees
B. Taxes
C. Fines
D. Royalties