Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 31:

• JAMB 2013

i. Direct materials
ii.Direct labour
iii.Direct expenses
iv. Factory expenses
Prime cost consist of

A. I, ii and iii
B. I, ii and iv
C. I, iii and iv
D. Ii, iii and iv

Question 32:

• JAMB 2013

The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

A. Bonus
B. Commission
C. Premium
D. Goodwill

Question 33:

• JAMB 2013

A partnership's internal regulations are set out by

A. A deed
B. A law
C. A constitution
D. An article

Question 34:

• JAMB 2013

In a partnership account, interest on drawings is

A. Debited to appropriation account
B. Credited to appropiation account
C. Treated as an expense in profit and loss account
D. Recorded in the balance sheet as current assets

Question 35:

• JAMB 2013

When a share valued at 50k is issued at #1.59, it is said to be issued at

A. Par
B. Premium
C. Discount
D. Interest