Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 36:

• JAMB 2012

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

A. Application and allotment account and credit unsubscribed shares
B. Application and allotment account and credit cash
C. Oversubscribed shares and credit allotment account
D. Oversubscribed shares and credit allotment account

Question 37:

• JAMB 2012

Investment at cost of a company is to be disclosed under

A. Trading accounts
B. Profit and loss account
C. Balance sheet
D. Source and application of fund

Question 38:

• JAMB 2012

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840
Calculate the acid test ratio

A. 1:94:1
B. 1:96:1
C. 1:1:94
D. 1:1:96

Question 39:

• JAMB 2012

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840
Determine the number of times stock was turned over during the period to the nearest figure

A. 1
B. 2
C. 3
D. 4

Question 40:

• JAMB 2012

Which of the following is a source of revenue to the federation account?

A. Market fees
B. Bicycle licences
C. Tarrifs
D. Property rates